NewsFlashAsia capro hits record at $2,590/tonne
18 June 2008 11:03 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian caprolactam prices rose $30-40/tonne from last week to a new record high at $2,590/tonne on Wednesday on the strength of feedstock benzene costs and firm sentiment, sellers and buyers said on Wednesday.
In the third straight week of increases, prices were at $2,550-2,590/tonne on a CFR (cost and freight) NE Asia (northeast Asia) basis, according to global chemical market intelligence service ICIS pricing, .
Producers had firmly resisted cutting prices due to raw material costs and were confident that further upside remained.
Some traders and end-users, on the other hand, said they did not expect prices to rise much more amid the dismal downstream nylon market.
The previous high was reached in April at $2,520-2,560/tonne CFR NE Asia on high costs and limited supply.
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By: Hsin Hun Wan
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