Nihon Oxirane raises Jan SM contract nomination by $20/tonne

11 January 2011 03:43  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s Nihon Oxirane Co nominated its January styrene monomer (SM) price at $1,320/tonne (€1,016/tonne), $20/tonne higher than December's nomination, a company source said on Tuesday.

The nomination on CFR (cost and freight) China, LC (letter of credit) 30 days basis is higher than December’s nomination of $1,300/tonne CFR Asia and is in line with higher spot values in December.

Strong performance of SM saw prices rising above $1,350/tonne CFR China in late December compared to $1,300/tonne CFR China in the early part of the month.

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 that can produce 180,000 tonnes/year of propylene oxide (PO) and 425,000 tonnes/year of SM.

($1 = €0.77)

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By: Clive Ong
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