29 July 2009 05:02 [Source: ICIS news]
Spot values in the key Chinese market had increased from $1,050/tonne (€735/tonne) CFR (cost and freight) last week to $1,095/tonne CFR on Tuesday, according to global market intelligence service ICIS pricing.
A rebound in energy values over the past week and strong feedstock benzene prices in Europe and ?xml:namespace>
“While demand is not strong, high benzene and ethylene values had increased production costs and we need to price SM above $1,100/tonne CFR,” said a Japanese producer.
Demand for styrenic resins like polystyrene and acrylonitrile-butadiene-styrene has fallen this year due to the export slump despite the third quarter being the traditional high-peak manufacturing season.
“The financial debacle in the
As a result, the Chinese export sector fared badly this year despite the Chinese central government’s efforts to mitigate falling exports by stimulating domestic demand, traders said.
While demand stayed weak, the uptrend in benzene prices in the
Benzene values in Europe rose more than 15% over a month while the
“The hike in feedstock values is likely to fuel speculation among SM players in
As a result, spot prices could swing upwards even though demand remained poor, traders said.
($1 = €0.70)
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