Initial Asia Q4 SBR settles $300/tonne up

24 September 2008 10:34  [Source: ICIS news]

SINGAPORE (ICIS news)--Fourth-quarter Asian (Q4) styrene butadiene rubber (SBR) non-oil grade 1502 contracts have initially been settled at $3,250-3,300/tonne, up around $300/tonne from the previous quarter on weak market sentiment, buyers said.

Contracts are settled on a cost and freight (CFR) India basis.

Some major downstream tyre producers said that they were still on a wait-and-see stance and have not yet committed to the fourth-quarter values as they felt that prices might still have room for further declines, given the prevailing weak market sentiment.

“We expect prices to fall further and will wait as we have sufficient inventories to cover October requirements,” an Indian tyre producer said.

The volatile crude market and financial turmoil in the US had dampened demand, players said.

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By: Helen Yan
+65 6780 4359

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