30 June 2008 09:11 [Source: ICIS news]
“We have no choice but to increase prices because raw material costs are high,” said a regional producer.
Spot cargoes were traded at $1,100-1,150/tonne CFR (cost-and-freight) ?xml:namespace>
A 1,000 tonne northeast Asian cargo was heard sold at $1,150/tonne CFR China for July loading, excluding anti-dumping duties (ADD) of less than 6%.
Regional producers stood by offers at $1,150-1,200/tonne CFR China on the back of high upstream costs, as well as tight deep-sea availability.
Buying sentiment remained cautious, with buying ideas capped around $1,100/tonne CFR China, as Chinese domestic prices were still below those of imports.
In the Chinese domestic market, trades of import cargoes rose by yuan (CNY) 50-200/tonne ($7.3-29.2/tonne) to CNY9,600-9,650/tonne ex-tank, in tandem with price hikes of CNY200-350/tonne implemented by local producers.
($1 = CNY6.86)
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