26 October 2010 06:22 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s Nihon Oxirane Co nominated its November styrene monomer (SM) contract price at $1,290/tonne (€929/tonne), up by $110/tonne from its October nomination, a company source said on Tuesday.
The nomination carries a 30-day LC (letter of credit) term. The company previously nominated its October contract price at $1,180/tonne CFR (cost & freight) Asia.
The sharp hike in its November nomination came on the back of soaring spot prices in October, market players said.
Spot prices into China rose from below $1,200/tonne CFR China in late September to above $1,300/tonne CFR China in mid-October, ICIS data showed.
Nihon Oxirane is a joint venture (JV) between Sumitomo Chemical Co and LyondellBasell.
The company operates a plant at Sodegaura in Japan’s Chiba prefecture, which can produce 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.
($1 = €0.72)
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