07 December 2009 10:13 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese petrochemical majors Qilu Petrochemical and Jilin Petrochemical have raised 2-ethyl hexanol (2-EH) domestic prices by yuan (CNY) 600/tonne ($88/tonne) due to tight supply and high production costs amid firm feedstock propylene values, market players said on Monday.
The new 2-EH list prices, which were implemented late last week, were revised to CNY10,900-11,230/tonne and CNY10,800-11,000/tonne ex-tank respectively, excluding taxes, an increase of more than 5% from previous prices.
"The price increase is crazy. This will encourage other [regional] sellers to increase their offers for imports. We would have to shut our plant if prices continue to go up," a Chinese end-user said in Mandarin.
Asian propylene spot prices were heard to be hovering around the $1,150/tonne CFR China by the close of business for the week ended 4 December.
($1 = CNY6.83)
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