02 June 2008 04:23 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s largest vinyl chloride monomer (VCM) producer Tosoh Corp has settled on Friday its benchmark June cargoes at $980/tonne CFR (cost and freight) China, a source close to the company said on Monday.
Tosoh sold 5,000-8,000 tonnes to two Chinese customers, the source added, with the settlement level $20/tonne higher than the price for May cargoes but $40/tonne below its initial offer in mid-May.
Buying interest in the June cargoes was reportedly low. Counter-bids for Tosoh’s offers were pegged in the middle of last week at only $940-950/tonne CFR China.
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VCM producers and traders attributed the low buying interest in the market to bearish sentiment among buyers as well as the competitive prices of ethylene dichloride (EDC), another feedstock used in the PVC production process.
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