25 June 2008 05:20 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s largest vinyl chloride monomer (VCM) producer Tosoh Corp has hiked its initial offer for July cargoes by $120/tonne on surging feedstock costs and stronger polyvinyl chloride(PVC) values, a source familiar with the situation said on Wednesday.
The offer stood at $1,100/tonne CFR (cost and freight) ?xml:namespace>
VCM demand was largely unchanged from the previous month with counter-bids now at around $980/tonne CFR China, the source said.
Spot prices of ethylene, a key feedstock for VCM, had risen by more than $100/tonne on a CFR northeast (NE)
PVC producers in NE Asia meanwhile had raised their offers for June cargoes by $50/tonne over the previous month on the back of rising domestic PVC values in
Taiwanese producer Formosa Corp was offering July PVC cargoes at $1,250/tonne CFR China, a rise of $50/tonne from its June settlement levels.
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Chloe Yap contributed to this article.
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