20 March 2012 05:39 [Source: ICIS news]
MRC is implementing a price increase of yen (Y) 20/kg ($240/tonne) for its domestic customers from 1 April, according to a company statement received by ICIS on Tuesday.
The increase in prices was a result of post-Lunar New Year demand recovery on the back of firming prices in
It said an intensive turnaround period is expected to squeeze supply in the second quarter amid firming demand.
Buyers on the other hand, are not prepared for such a big price increment, as downstream segments had not been faring well due to weak demand amid eurozone debt crisis.
Negotiations for April are expected to start this week, added market players.
The company previously announced a price increment of $50/month back in late January.
The prices of cargoes of more than 500 tonnes are at $2,150-2,200/tonne CFR (cost & freight) southeast (SE) Asia, while cargoes of 20-300 tonnes are at $2,050-2,150/tonne CFR SE Asia on 16 March, according to data from ICIS.
Some MMA producers said they are eyeing a $150/tonne month-on-month increase, and some other producers and major traders said they are targeting at least a $100/tonne month-on-month increment for settlements.
($1 = €0.76 / $1 = Y83.43)
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