23 August 2010 10:46 [Source: ICIS news]
Correction: In the ICIS story headlined "Japan's Nihon Oxirane hikes August SM nomination to $1,150/t" dated 23 August 2010, please read the headline as "Nihon Oxirane hikes Sept nomination to $1,150/t" instead of August. Please read in the first paragraph...has nominated its September styrene monomer...instead of August. Please read in the second paragraph...higher than August...instead of July.... A corrected story follows.
SINGAPORE (ICIS)--Japan’s Nihon Oxirane Co has nominated its September styrene monomer (SM) contract price at $1,150/tonne (€909/tonne), a company source said on Monday.
The nomination was $100/tonne higher than the August price of $1,050/tonne CFR (cost and freight) Asia, LC (letter of credit) 30 days, which was in line with a recent upswing in spot prices.
SM spot prices rose to $1,130/tonne CFR China in August, from around $970/tonne CFR China in mid-July, according to ICIS data.
Nihon Oxirane, a joint venture between Sumitomo Chemicals and Lyondell Basell, operates a plant at Sodegaura, Chiba prefecture, which can produce 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.
($1 = €0.79)
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