25 June 2012 07:20 [Source: ICIS news]
Prices of spot cargoes were at $1,150-1,170/tonne (€920-936/tonne) CFR (cost and freight) northeast (NE) Asia on 22 June, down $10/tonne from the previous week and back to levels last seen in the second half of December 2011, according to ICIS data.
Several distributors in
“These days, we hardly get any buying enquiries from
Some producers outside
“Import cargoes are too expensive compared to domestic supplies. We have switched to trading domestic product for some months now,” said a Chinese trader.
The recent declines in acetone and propylene prices also dampened buying sentiment, industry players said.
Reflecting the dismal market conditions, IPA imports have been on a steady decline since March.
Imports fell from around 14,570 tonnes in February to less than 6,400 tonnes in March and 4,783 tonnes in April, according to
The demand outlook remains bearish in the next few months, given the slowdown in the Chinese economy and the abundant availability of cheaper domestic material, industry players said.
“Some of us have already cut down on our IPA business and we are focusing on other more lucrative products,” a Chinese trader said.
($1 = €0.80)
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