China toluene prices hike on rising crude

25 February 2008 07:41  [Source: ICIS news]

SHANGHAI (ICIS news)—Toluene prices in China rose after the Chinese New Year by yuan (CNY) 110-140/tonne from the pre-holiday level following rising crude prices, traders said on Monday.

 

Toluene was traded at CNY8,390-8,430/tonne ($1,175-1,181/tonne) ex-tank east China on Monday, they said.

 

“We have lifted the ex-works (EXW) prices to CNY8,350/tonne on high oil prices,” a source in BASF-YPC, a joint venture between China's Sinopec and German-based BASF, said.

 

 Dushanzi Petrochemical, a PetroChina subsidiary, increased its toluene offer to CNY7,600/tonne EXW in east China, a company source said.

 

Rising oil prices also forced Sinopec subsidiaries, Shanghai Petrochemical and Guangzhou Petrochemical, to raise EXW prices to CNY8,350/tonne, and to CNY7,900/tonne, up by CNY100/tonne and CNY200/tonne respectively, company sources said.

 

However, with some factories barely having resumed production after the recent holidays, downstream plants producing toluene diisocyanate (TDI) responded slowly to the feedstock price hikes amid thin trade, traders said.

 

($1=CNY7.14)

By: Judith Wang
+65 6780 4359

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