07 September 2011 09:06 [Source: ICIS news]
SINGAPORE (ICIS)--A major portion of Asian caprolactam (capro) contracts for September were settled at $3,450/tonne (€2,484/tonne), while others are being negotiated at $3,470-3,500/tonne, major producers and buyers said on Wednesday.
The contracts are on a CFR (cost & freight) NE (northeast) Asia basis.
They reflect an increase of $50-70/tonne over the August contract prices which were finalised at $3,400-3,430/tonne CFR NE Asia, ICIS data showed.
The higher prices are a result of the continuing tight supply.
Offers emerged at $3,500/tonne CFR NE Asia in late August.
In early September, offers by other producers rose to $3,550/tonne CFR NE Asia.
“I have a supplier who insisted on $3,500/tonne CFR NE Asia,” said a northeast Asian buyer.
“If I insisted on paying $3,450/tonne, my volumes will be cut,” he added.
Some contracts are being negotiated at $3,470-3,490/tonne CFR NE Asia, producers and buyers said.
“Hopefully, we can finalise all contracts before the Mid Autumn Festival,” said another producer.
China and Taiwan celebrate the festival on 12 September.
($1 = €0.72)
For more information on caprolactam, visit ICIS chemical intelligence
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