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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections