NewsFlashChina p-wax crosses $1,800/tonne

16 July 2008 08:54  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese paraffin wax prices hit an historic high of $1,760-$1,850/tonne FOB for the benchmark 58/60°C solid fully refined wax, driven by upstream cost pressures, declining feedstock supply and limited availability, market players said on Wednesday.

The price is on a free on board (FOB) China Main Port (CMP) basis.

In the local market, p-wax rose yuan (CNY) 200/tonne ($29.3/tonne) to CNY12,100-12,300/tonne ex-works in south and east China, according to global chemical market intelligence service ICIS pricing.

Prices have doubled since May last year and are poised to increase further, traders said.

Major p-wax producers include PetroChina and Sinopec. P-wax is used in the production of candles and in the food packaging and petroleum jelly industries.

($1 = CNY6.82)

For more on p-wax visit ICIS chemical intelligence
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By: Heng Hui
+65 6780 4359

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