25 July 2008 04:15 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s Nihon Oxirane Co has nominated its August styrene monomer (SM) contract price at $1,700/tonne CFR (cost and freight) Asia, a rollover from the July number, a company source said on Friday.
Spot SM values fluctuated around $1,600-1,640/tonne CFR China in the second half of July as demand in the domestic market continued to falter, according to price data from global chemical market intelligence service ICIS pricing.
High feedstock cost has prompted several Japanese SM manufacturers to reduce operating rates. Nihon Oxirane had kept its plant at reduced rates of around 90% since April.
The company could cut operating rates further in the near term, although no firm decision has been reached yet.
“Our SM operation is facing poor margins,” the source added.
Nihon Oxirane, a joint venture of
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