01 August 2012 06:35 [Source: ICIS news]
MELBOURNE (ICIS)--Korea Alcohol Industrial has reduced its domestic ethyl acetate (etac) price by won (W) 80/kg ($0.07/kg) on 1 August to boost its competitiveness over imports from China, said several importers on Wednesday.
The South Korean producer has cut its domestic etac price to W1,180/kg ex-works (EXW) for August from won (W) 1,260/kg EXW in July, the importers said.
The producer’s July pricing was itself a W80/kg reduction from June.
“[Korea Alcohol] is trying to increase its price competitiveness versus etac of ?xml:namespace>
“Inventories of imported etac are quite high at the moment, after importers bought about 8,000 tonnes for July delivery,” said a separate importer.
Purchases of Chinese etac for delivery in July were mostly concluded at $905-910/tonne (€733-737/tonne) CFR (cost & freight)
Etac of China-origin incurs a minimum anti dumping duty (ADD) of 3.14%, in addition to an import duty of 5.5%.
Korea Alcohol Industrial is
South Korean etac demand in 2011 was estimated by market sources at 90,000-100,000 tonnes. Most of the 69,000 tonnes of etac imported in 2011 came from
($1 = W1,130)
($1 = €0.81)
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