22 March 2011 07:07 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese domestic styrene butadiene rubber (SBR) prices rebounded this week, lifted by soaring natural rubber prices, industry sources said on Tuesday.
Non-oil grade 1502 SBR domestic prices surged by yuan (CNY)1,000/tonne ($152/tonne) this week to CNY 25,500-25,700/tonne ex-warehouse (EXWH), tracking the gains in natural rubber prices.
Natural rubber (NR) futures for April delivery soared to yuan (CNY) 36,600/tonne this week at the Shanghai Futures Exchange, up by CNY3,000/tonne from the previous week.
“Traders and end-users are going into the SBR domestic spot market this week as they fear that the natural rubber prices may continue to rise and further bolster the SBR prices,” a Chinese trader said.
“Speculative demand has picked up which has been the main driver of the natural rubber price upsurge after NR futures plunged to around CNY 33,000/tonne last week in the aftermath of the earthquake which hit ?xml:namespace>
Additional reporting by Amber Liu
($1 = CNY6.56)
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