NewsFlashNihon Oxirane hikes May SM $10/t

28 April 2008 09:11  [Source: ICIS news]

SINGAPORE (ICIS news)-- Japanese styrene monomer (SM) producer Nihon Oxirane has increased its May contract nomination by $10/tonne over April’s figure, a company source said on Monday.

The May nomination of $1,450/tonne CFR (cost and freight) Asia, LC (letter of credit) 30 days, came on the back of buoyant naphtha and benzene numbers, the source added.

Downstream styrenic resins demand has remained weak, so the SM nomination was raised due to increased raw material rates.

Nihon Oxirane, a joint venture of Japan’s Sumitomo Chemical and US major Lyondell Chemical, operates a plant in Sodegaura, Chiba prefecture, producing 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.

For more on SM, PO visit ICIS chemical intelligence

By: Clive Ong
+65 6780 4359

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