24 May 2011 09:49 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s Nihon Oxirane has nominated its June styrene monomer (SM) contract prices at $1,530/tonne (€1,086/tonne) CFR (cost & freight) China, LC (letter of credit) 30 days, a company source said on Tuesday.
The nomination is on par with May’s announcement.
Spot SM values declined to below $1,400/tonne CFR China this week, as sentiment turned increasingly bearish on a lack of uncertainty surrounding Chinese demand.
“The tightening of credit in China and the re-emergence of the eurozone crisis have cast a pall over business,” said a Chinese trader.
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 = €0.71)
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