28 June 2012 10:06 [Source: ICIS news]
SINGAPORE (ICIS)--Falling prices of spot South Korean bitumen in China has made it more cost-effective to import July-delivery cargoes from that country than buying ?xml:namespace>
South Korean bitumen is usually traded at a premium to Chinese cargoes because of its better quality.
July CFR (cost & freight) China prices of South Korean spot bitumen, which are linked to FOB (free on boar) Singapore prices of 180cst fuel oil, dropped to $590-595/tonne (€472-476/tonne) as the latter fell to $580/tonne on 27 June, traders said.
The after-tax import costs were at yuan (CNY) 4,700/tonne ($739/tonne), lower than the average trading price of CNY4,800/tonne for domestic bitumen in Yangtze Delta, according to traders.
The after-tax import costs of July contract cargoes from
Some buyers may turn to imported bitumen if domestic bitumen prices do not fall, some importers said.
Approximately 100,000 tonnes of South Korean bitumen are expected to enter
Additionally, demand from east
($1 = €0.80)
($1 = CNY6.36)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections