NewsFlashChina MTBE surges to record high on very tight supply

13 April 2011 10:59  [Source: ICIS news]

SINGAPORE/SHANGHAI (ICIS)--China’s prices of methyl tertiary butyl ether (MTBE) surged to an all-time peak on Wednesday, bolstered by razor-thin supply and strong domestic blending demand ahead of the summer holidays, market participants said.

Prices were also tracking robust global crude futures, with London Brent crude oil above $121/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.

By: Felicia Loo

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