13 April 2011 11:11 [Source: ICIS news]
(adds details throughout)
By Felicia Loo and Hedy Dong
Prices were also tracking robust global crude futures, with London Brent crude oil above $121/bbl (€83/bbl). Lofty European MTBE prices also triggered a rally in Asian prices, they added.
Domestic MTBE prices rose to yuan (CNY) 9,600-9,800/tonne ($1,468-1,498/tonne) on Wednesday, with fresh offers at CNY10,000/tonne, they said.
“Supplies are very tight because there are hardly any imports,” one market player said.
In the week ended 8 April, prices of the octane booster were assessed up by $80-90/tonne to $1,190-1,210/tonne FOB (free on board) Singapore versus $1,170-1,250/tonne CFR (cost and freight) China, ICIS data showed.
Usually, the upper end of the price range reflects the southeast Asian cargoes, which are tax-free and are priced higher, traders said.
Meanwhile, MTBE FOB
Europe MTBE prices surged by $150-177/tonne to $1,400-1,432/tonne FOB Amsterdam Rotterdam in the week ended 8 April, ICIS data showed.
On April 7,
The 22-day moving average price of a basket of international crude oil – Brent,
The National Development and Reform Commission (NDRC) usually delays the adjustment for 20 days and is more likely to do so now as it tries to stabilise prices against inflation in China this year, industry sources said.
($1 = €0. 69 / $1 = CNY6.54)
Additional reporting by Ross Yeo
For more on MTBE, visit ICIS chemical intelligence
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