14 February 2011 07:34 [Source: ICIS news]
SINGAPORE (ICIS)--Prices of China’s refined glycerine imports have failed to rebound after the Lunar New Year holidays, according to data from ICIS.
Prices held steady at $870-920/tonne (€644-681/tonne) CFR (cost & freight) China on 9 February amid prevailing weak demand because of competitively priced local material.
“While there had been speculation that demand would improve after the Lunar New Year festivities, this pick-up in demand was not evident as local material still remained cheaper,” a China-based trader said.
An Indonesian producer agreed: “Buyers continued to prefer domestic material over import material due to more attractive prices and wide availability. Import material tends to be pricier as southeast Asian producers have to increase prices to cover lower margins due to high raw material costs.”
Demand in China for refined glycerine, both imported and locally produced, remained lacklustre for the sixth week. Market players believed this was largely because buyers had ample cargoes from an inventory build-up in December and had no immediate cargo requirement.
Prices of locally produced refined glycerine remained unchanged at yuan (CNY) 5,800-6,000/tonne ($880-910/tonne) EXW (ex-works) on 9 February.
($1 = €0.74, $1 = CNY6.59)
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