07 September 2010 05:35 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese domestic styrene butadiene rubber (SBR) prices have surged by yuan (CNY) 500/tonne ($74/tonne) on the back of rising demand ahead of the upcoming holidays in China, industry sources said on Tuesday.
Major Chinese SBR producer Sinopec had earlier this week raised its offers for SBR non-oil grade 1502 to CNY18,500/tonne EXW (ex-works), up by CNY500/tonne from the previous close, said market players.
“Traders are getting more active and have increased their purchases as China will be closed for the Mid-Autumn Festival and National Day holidays,” said a major Chinese SBR producer.
China will celebrate its Mid-Autumn Festival on 22–25 September and observe its week-long National Day holidays on 1–7 October.
($1 = CNY6.79)
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