China domestic SBR prices surge 6% post-Lunar New Year

24 February 2010 10:01  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese domestic styrene butadiene rubber (SBR) prices rose by about 6% this week, lifted by the rebound in values of crude and natural rubber futures, traders said on Wednesday.

Non-oil grade 1502 SBR jumped yuan (CNY) 1,000/tonne ($146.4/tonne) this week to CNY17,800-18,000/tonne ex-warehouse (EXWH) as crude topped $80/bbl early this week.

Natural rubber prices, meanwhile, surged CNY2,000/tonne from the week ending 12 February to CNY25,000/tonne currently, traders said.

The Chinese market was closed the whole of last week for the Lunar New Year celebrations.

The price spike in the domestic Chinese market has spurred SBR producers to hike offers for non-oil grade 1502 imports to $2,200/tonne CIF (cost, freight and insurance) China for March shipments, up $100/tonne from previous offers, market players said.

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By: Helen Yan
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