Chinese oxos makers hike domestic NBA by CNY300/t

05 February 2009 08:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Qilu Petrochemicals, Jilin Petrochemical and Daqing Petrochemical, China’s largest oxo-alcohols producers have announced a price hike for its normal butanol (NBA) domestic prices by 4.5-4.8% due to rising feedstock propylene values and tight domestic supply, traders and producers said on Thursday .

Effective 4 February, the oxo-alcohols majors raised NBA prices by yuan (CNY) 300/tonne (US$44), bringing state-owned Qilu’s Petrochemicals prices to around CNY6,600-6,850/tonne ex-tank excluding taxes.

Meanwhile, Jilin Petrochemical and Daqing Petrochemical’s prices rose to CNY6,200-6,500/tonne ex-tank excluding taxes respectively, market sources said.

Following the announcement, several regional exporters withdrew their offers anticipating higher prices for imports.

"We are currently watching the market situation. There are no offers," a regional seller said.

($1 = CNY6.83)

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By: Su Yeen Cheong
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