15 May 2009 05:14 [Source: ICIS news]
SEOUL (ICIS news)--Buying interest for acetone imports was muted due to recent price cuts by Chinese local phenol-acetone producers, market sources said on the sidelines of the Asia Petrochemical Industry Conference (APIC) in Seoul.
Lukewarm demand and high inventories prompted major local producers to slash prices by yuan (CNY) 500-900($73.21-131.96)/tonne this week to CNY 6,100-6,500/tonne ex-works.
Trades of imported cargoes fell in tandem to around CNY5,700-5,900/tonne ex-tank, down CNY300-400/tonne week-on-week.
“We did not receive any buying enquiry this week. We might have little choice but to cut our prices as well,” said a northeast Asian producer, who acknowledged that spot acetone prices remained under downward pressure from lacklustre demand and soft Chinese domestic values, although most regional producers were reluctant to drop prices on cost concerns.
Notional selling ideas at $700-750/tonne CFR (cost and freight) China failed to solicit any buying interest, traders said.
The two-day conference runs from May 14-15.
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