UpdateAsia 2009 soda ash contracts slip 26%
14 January 2009 04:08 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian soda ash term contracts for 2009 have been settled at $250-260/tonne (€190-198/tonne), representing a decrease of about 26% from last year’s price, buyers and sellers said on Wednesday.
The decline in term prices was attributed to poor demand from the downstream glass and detergent sectors triggered by the current global financial downturn.
Soda ash contracts in 2008 were pegged at $290-310/tonne CFR Asia for the first half of 2008, before they were revised upwards to $300-350/tonne CFR Asia on the back of tight supply.
Soda ash is used to make float glass for construction and consumer goods such as glass bottles and detergent.
($1 = €0.76)
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