02 May 2008 04:25 [Source: ICIS news]
SINGAPORE (ICIS news)--Several styrene butadiene rubber (SBR) producers in Asia have hiked their May spot offers by over $100/tonne on soaring feedstock butadiene (BD) prices and rising SBR values in China, producers said.
May spot offers were presently pegged at around $2,500-2,600/tonne CFR (cost and freight) northeast (NE) Asia for the non-oil grade 1502.
“We have no choice but to increase prices as our margins have been squeezed by the soaring BD feedstock costs,” a producer said.
BD spot prices had surged to around $1,900/tonne, up more than $200/tonne since March.
The strengthening Chinese SBR market also prompted the spikes.
Chinese SBR producers had announced hefty hikes of yuan (CNY)500-1,000/tonne ($72-143) to CNY 20,000/tonne EXW (ex-works) for the non-oil grade 1502 prior to the May Day holiday.
For more on SBR, BD visit ICIS chemical intelligence
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