Wide Asia caprolactam buy-sell gap stalls June contract talks

01 June 2011 05:15  [Source: ICIS news]

SINGAPORE (ICIS)--Buyers and sellers in the Asian caprolactam market failed to settle their June contracts given a huge gap in the buying and selling ideas, market sources said on Wednesday.

Sellers are willing to settle the contracts at $3,200/tonne (€2,208/tonne) CFR (cost and freight) NE (northeast) Asia, but buyers are keeping their price ideas below $3,150/tonne, they said.

Last week, nominations for June contracts emerged at $3,250/tonne CFR (cost and freight) NE (northeast) Asia. For May, contracts were settled at $3,400-3,410/tonne CFR NE Asia.

“[June contract] negotiations are still going on,” said a major northeast Asian producer.

Market participants are hoping to conclude contract talks by next week.

Caprolactam spot prices were weak amid lacklustre demand from downstream nylon industry, market sources said.

Spot prices were assessed at $3,100-3,200/tonne CFR NE Asia on 25 May, down $100/tonne week on week, according to ICIS.

($1 = €0.69)

By: Junie Lin

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