NewsFlashChinese PO offers hit CNY19,000/tonne

16 June 2008 06:18  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese propylene oxide (PO) offers were heard as high as yuan (CNY) 19,000/tonne ($2,754/tonne) DEL (delivered) on Monday, CNY 1,000-1,400/tonne higher than transaction levels last week amid high feedstock propylene values, sellers and buyers said on Monday.

 

“It’s hard to ascertain what’s the market price now, as the range of offers being made is as wide as CNY18,000-19,000/tonne DEL,” a local producer said.

 

Prices reached a record high of CNY17,600-18,000/tonne DEL last week, following six weeks of consecutive increases.

 

“Trades are thin now as PO production rates have been cut due to squeezed margins and as end-users hold back purchases in the face of soaring prices. Nonetheless, prices could still be talked higher by late week,” a distributor said.

 

For more on PO, visit ICIS chemical intelligence

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By: Hsin Hun Wan
+65 6780 4359

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