20 July 2010 08:18 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese domestic styrene butadiene rubber (SBR) non-oil grade 1502 prices fell by yuan (CNY) 500/tonne ($74/tonne) this week due to weak demand, traders said.
“Demand is very poor in China and major Chinese producers have no choice but to drop prices below CNY 15,000/tonne to attract buying interest,” a Chinese trader said.
Non-oil grade 1502 SBR prices fell to CNY 14,600-14,700/tonne ex-works this week, down CNY 500/tonne from the previous week, after holding stable at CNY 15,100-15,300/tonne ex-works since late June.
Chinese domestic SBR non-oil grade 1502 prices have plunged more than CNY 3,000/tonne since mid-April this year when prices were at CNY 18,000-18,400/tonne ex-warehouse.
“We expect demand to rebound in September as summer is usually the slow production season for the downstream tyre producers,” a Chinese SBR producer said.
SBR is a major feedstock used in the production of tyres for the auto industry.
($1 = CNY6.78)
To discuss issues facing the chemical industry go to ICIS connect
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|