NewsFlashChina PO hits new high at CNY19,300/t

20 June 2008 10:16  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese propylene oxide (PO) prices hit a fresh historic high of yuan (CNY) 19,300/tonne ($2,805/tonne) on Friday, driven by upstream propylene cost pressures and limited availability, sellers and buyers said.

Prices jumped a staggering CNY1,000-1,300/tonne from last week to reach CNY18,600-19,300/tonne DEL, the seventh consecutive week of increases, according to global chemical market intelligence service ICIS pricing.

Prices have risen by about 35% since early May and the market was poised for further gains until early July, according to sellers and buyers.

($1 = CNY6.88)

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By: Hsin Hun Wan
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