28 April 2011 07:28 [Source: ICIS news]
SINGAPORE (ICIS)--China’s refined glycerine imports in March were up by about 3,888 tonnes or 53.5% from February, traders said on Thursday.
According to data from China Customs, the March imports totalled 11,160 tonnes compared with 7,272 tonnes in February.
Most market players surveyed said the increase is a reflection of a previous rise in inventory build-up, when prices of refined glycerine edged up, and is not an indication that demand is firming. These players added that they expect demand to remain languid throughout April and May since many refiners have high stockpiles.
“I see demand as tepid in April as most players have covered their April and early May positions, so I am expecting the April import data to show a decrease,” a Chinese buyer added.
“The spike in imports in March could be a result of inventory build-up as buyers feared that prices would rise further in April… on the contrary prices fell instead,” a Chinese trader said.
Prices of refined glycerine from southeast Asia, a key export region to China, were assessed at $740-780/tonne (€503-530/tonne) FOB (free on board) SE (southeast) Asia on 28 April, down $20/tonne month on month, data from ICIS showed.
($1 = €0.68)
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