01 June 2010 09:37 [Source: ICIS news]
SINGAPORE (ICIS news)--China's Qilu Petrochemical has cut its 2-ethyl hexanol (2-EH) and n-butanol (NBA) domestic list prices further amid weaker propylene values and persistent sluggish demand from the derivatives sectors, market sources said on Tuesday.
The state-run oxo-alcohols major reduced 2-EH values by yuan (CNY) 450/tonne ($66/tonne) and NBA prices by CNY940/tonne on Monday.
Domestic prices of 2-EH and NBA domestic prices, excluding taxes, were now around CNY14,150-14,480/tonne and CNY11,660-11,990/tonne ex-tank, down 3-7.5% from its previous prices, the sources said.
The latest initiative came after a series of price cuts starting on 27 May, amounting up to CNY1,250/tonne for 2-EH and CNY1,740/tonne for NBA.
Despite the producer’s aggressive attempts to draw buyers forward, buying interest remained extremely poor, traders said.
Uncertainty in the downstream plasticizers and acrylates market had shaken the confidence of buyers, with some believing that oxo-alcohols prices could potentially trend lower in the coming weeks, sources added.
($1 = CNY6.83)
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