East China SM prices fall CNY50/tonne

22 January 2008 08:04  [Source: ICIS news]

SHANGHAI(ICIS news)--Styrene monomer (SM) prices continued to soften in Jiangsu, east China, down yuan (CNY) 50/tonne ($6.9) from Monday on a lack of buying interest and the presence of low-priced imports in the market, traders said on Tuesday.

 

Prices of SM stood at CNY10,950-11,000/tonne ex-tank Zhangjiagang, Jiangsu, market sources added.

 

Market demand has been sluggish as converters started to take their vacation or reduced operation rates ahead of the Chinese Spring Festival.

 

Low-priced styrene imports had pushed down local costs, with a Russia grade traded at CNY10,950-11,000/tonne ex-tank Changzhou, Jiangsu, on Monday, for instance

 

In addition, a Japanese styrene cargo just arrived in Zhangjiagang and was pre-sold at CNY10,800-10,850/tonne on fund considerations, said a market source.

 

Jiangsu is a major trading area for SM in China.

 

($1=CNY7.24)

By: Judith Wang
+65 6780 4359

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