01 November 2006 04:42 [Source: ICIS news]
SINGAPORE (ICIS news)--Shanghai Ginga, a petrochemicals broker, has successfully launched its Chinese domestic online trading platform with the first monoethylene glycol (MEG), styrene monomer (SM) and toluene deals done at the start of business on Wednesday.
Three MEG deals were concluded in the 90-minutes session which started at 0930 hour local time (17:30 GMT), based on data from the platform.
A 10-tonne deal was done for December contract at CNY7,880/tonne, while two 5-tonne trades for January were closed at CNY7,820/tonne and CNY7,850/tonne.
For SM, a 5-tonne deal was traded at CNY11,300/tonne for January contract. The SM contract opened with bids and offers for December at CNY11,500-11,600/tonne, but no deals were concluded at the end of the session.
A bid for March 2007 at CNY11,150/tonne for 10 tonnes of SM was also posted but there was no offer.
About 20 tonnes of toluene was traded for the forward months of January and March at CNY7,480/tonne ex-tank and CNY7,460/tonne respectively.
The next session will start at 14:00hour local time for 90 minutes. Each contract is based on 1 tonne ex-tank eastern China basis on a three to four months forward basis.
ICIS pricing will provide daily summaries of the forward market, price updates for spot market and news articles to Shanghai Ginga’s website.
Salmon Aidan Lee, Helen Yan and Mahua Mitra contributed to this article.
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