09 June 2010 04:49 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese domestic styrene butadiene rubber (SBR) prices fell further this week as downstream tyre makers retreated from the market to wait for a clearer feedstock butadiene (BD) price direction, industry players said on Wednesday.
Domestic non-oil grade 1502 SBR prices have plunged by yuan (CNY) 3,000/tonne ($439.24/tonne) since mid-April to CNY15,000–15,200/tonne EXWH (ex-warehouse).
“Downstream tyre makers are holding back their July SBR shipments as they expect feedstock BD prices to fall further,” a Chinese SBR producer said.
Chinese domestic feedstock BD prices have tumbled by CNY1,000/tonne since early June to CNY 16,000–16,500/tonne ex-tank, and are expected to weaken further in the coming weeks as BD supply eases.
Sinopec’s Zhenhai Refining & Chemical Co is expected to start up its new 165,000 tonne/year BD extraction unit in Ningbo, Zhejiang province, at the end of June, while another Sinopec subsidiary, Yangzi Petrochemical Co, is scheduled to restart its 100,000 tonne/year BD unit at Nanjing, Jiangsu province, in mid-June following a two-month turnaround.
($1 = CNY6.83)
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