15 January 2009 08:19 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s largest vinyl chloride monomer (VCM) producer Tosoh Corp has sold cargoes for February loading at $550/tonne (€418/tonne) CFR (cost and freight) NE Asia (northeast Asia), 10% more than the price fetched in the previous month, a source close to the company said on Thursday.
Around 35,000- 40,000 tonnes of the material were sold to Chinese buyers, at a price that was just $10/tonne lower than its initial offer of $560/tonne CFR NE Asia.
Strong domestic prices of downstream polyvinyl chloride (PVC) in China and low production rates of carbide-based PVC producers were the main factors that helped to lift prices, traders and producers said.
With many carbide-based PVC plants in China either shut or operating at reduced rates due to high feedstock costs, ethylene-based PVC producers had to cover for the shortfall. This helped boost demand for VCM, industry sources said.
($1 = €0.76)
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