06 October 2008 10:16 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s fully refined paraffin wax exports stood at 49,972 tonnes in August, down 32% from July, according to statistics released on Monday.?xml:namespace>
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Traders said that the decrease in exports came on the back of historical high wax prices since June this year which had resulted in many downstream candle industries shutting down or going bust.
Meanwhile, prices of fully refined Chinese benchmark 58/60°C grade paraffin wax were pegged at $1,610-1,660/tonne FOB (free on board) China when last assessed last Wednesday, according to global chemical market intelligence service ICIS pricing.
Paraffin wax is used in the production of candles and also in the food packaging and petroleum jelly industries. Chinese producers include PetroChina and Sinopec.
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