30 October 2008 03:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian epichlorohydrin (ECH) prices tumbled another $100/tonne as waning demand, ample supply, and plummeting domestic prices in the key China market weighed on spot values, market sources said on Thursday.?xml:namespace>
Imports were at $1,700-1,800/tonne CFR (cost and freight) China in a thinly traded market, according to global chemical market intelligence service ICIS pricing.
Buying sentiment was weak, although some sellers had revised prices lower to entice demand. They remained on the sidelines on expectations of further price falls in the coming weeks amid crashing feedstock propylene values.
Plunging Chinese domestic prices also capped buying interest for imports, down by yuan (CNY) 2,000/tonne ($292/tonne) to CNY9,000/tonne DEL (delivered) eastern China, as producers continued to cut prices amid mounting inventory pressures.
“Demand is very slow right now, and there is no buying interest for imports as cheaper-priced local material is readily available”, a Chinese trader said in mandarin.
($1 = CNY6.84)
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