Japan's Nihon Oxirane hikes March SM nomination by $80/tonne

23 February 2011 03:22  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s Nihon Oxirane Co has raised its styrene monomer (SM) contract price nomination for March by $80/tonne (€58.4/tonne) from February, in line with the rapid run-up in spot prices this month, a company source said on Wednesday.

The March SM contract was nominated at $1,480/tonne CFR (cost and freight) Asia, LC (letter of credit) 30 days, against February’s $1,400/tonne CFR Asia.

Spot prices into the key Chinese market reached the high $1,400/tonne CFR levels in the second half of February, up from the high $1,300/tonne CFR levels a month ago, according to ICIS data.

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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By: Clive Ong
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