24 January 2011 07:47 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s Nihon Oxirane Co nominated its February styrene monomer (SM) contract price at $1,400/tonne (€1,022/tonne), an increase of $80/tonne over January, a company source said on Monday.
The nomination CFR (cost and freight) Asia, LC (letter of credit) 30 days basis, was in tandem with an increase in spot prices of the material. The company's January price was $1,320/tonne CFR Asia.
Spot prices rose above $1,400/tonne CFR China in early January before hovering in the high $1,300s/tonne CFR China for most of January, according to ICIS data.
“The higher nomination is in line with the rise in spot values but buyers would likely negotiate down,” said an end-user in ?xml:namespace>
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 = €0.73)
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