20 December 2011 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--Solvent xylene margins in the ?xml:namespace>
“Market trading activity has turned sluggish due to the off season poor demand,” a trader said.
Solvent xylene spot prices in east China dropped by CNY 350/tonne from yuan (CNY) 9,400-9,500/tonne ($1480-1496/tonne) to CNY9,100-9,150/tonne during the past one and a half months, according to Chemease, an ICIS service in China.
But the imported cargoes cost $1,200-1,220/tonne (€924-939/tonne) (CFR CMP) during November to early December, equivalent to CNY9,250-9,400/tonne on an import parity basis, according to Chemease.
That means the cargo-holders lost CNY150-250/tonne on each sale.
“We have suffered losses because of the contrast between high cost of imported cargoes and decline in the spot market prices,” another trader said.
The domestic market will continue to remain weak due to the Lunar New Year, which is falling on 23-24 January, traders said.
($1 = €0.77 / $1 = CNY6.35)
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