Nihon Oxirane lowers Sep styrene contract price

01 September 2008 06:23  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese styrene monomer (SM) maker, Nihon Oxirane has reduced its September contract nomination by $120/tonne to $1,580/tonne CFR (cost and freight) Asia, LC (letter of credit) 30 days, a company source said on Monday.

This was a sharp reduction from August’s nomination of $1,700/tonne.

Spot prices in the key Chinese market had fallen from $1,670/tonne CFR in the first half of July to around $1,480/tonne in first half of August, due to a sharp pull back in crude oil values.

Spot values had since regained some ground to above $1,500/tonne CFR China, according to global chemical market intelligence service, ICIS pricing.   

Nihon Oxirane, a joint venture of Japan’s Sumitomo Chemical and US major Lyondell Chemical, operates a plant in Sodegaura, Chiba prefecture, producing 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.

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By: Clive Ong
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