NewsFlashChina p-wax up $20-70/t to record high

25 June 2008 10:56  [Source: ICIS news]

SINGAPORE (ICIS news)--China paraffin wax prices have hit fresh record highs up between $20-70/tonne to $1,660-$1,730/tonne on Wednesday, driven by upstream cost pressures, declining feedstock supply and limited availability, market players said.

 

The product was traded on a free on board (FOB) China Main Port (CMP) basis.

 

Meanwhile, prices jumped another yuan (CNY) 150/tonne ($21.8/tonne) to hit CNY11,400/tonne for south and east China trade, the 14th such increase since the start of the year, according to global chemical market intelligence service ICIS pricing.

 

Prices had doubled since May last year and were currently still poised to increase, traders added.

 

P-wax is used in the production of candles and also in the food packaging and petroleum jelly industries.

 

Major producers include PetroChina and Sinopec.

 

($1 = CNY6.68)

 

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By: Heng Hui
+65 6780 4359

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