07 June 2012 04:35 [Source: ICIS news]
By Jessie Yang
SINGAPORE (ICIS)--Bitumen prices in the Chinese market look set to continue falling, with road projects being delayed by funding constraints amid a domestic credit crunch, as well as by an onset of the rainy season in the southern regions, industry sources said on Thursday.
Bitumen prices in the Chinese market fell below yuan (CNY) 5,000/tonne ($786/tonne) in June trades, in line with sharp falls in crude futures and poor downstream demand. Prices have shed 5-6% from a month ago, with AH-70/90 bitumen traded at CNY4,750-4,850/tonne on 6 June, market sources said.
Concerns about global demand following release of poor economic data from the ?xml:namespace>
Duri crude has declined by $18.95/bbl, or by 16%, since early May, to close at $101.26/bbl on 6 June, according to data from C1 Energy, an ICIS service in
Access to capital has remained tight in
There were initial hopes that the Chinese authorities would further ease the country’s monetary policy to boost the world’s second biggest economy, which is showing definite signs of slowing down.
C1 data showed that only 4% of
($1 = CNY6.36 / $1 = €0.80)
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