09 August 2012 12:19 [Source: ICIS news]
BRISBANE (ICIS)--Asian August caprolactam (capro) contracts were largely finalised at $2,300/tonne (€1,863/tonne) CFR (cost & freight) northeast (NE) Asia, $50–70tonne higher than July, major buyers and sellers said on Thursday.
Most August offers were at $2,350/tonne CFR NE Asia, $100–120/tonne higher than July settlements, as producers tried to recoup shrinking margins due to rising feedstock costs.
However, negotiations took longer than usual to complete because of a wide buy-sell gap, buyers and sellers added.
Buyers were not prepared to pay the full intended increase, as downstream nylon (polyamide) conditions continued to be weak.
Meanwhile, major capro producer BASF said on 8 August that it will increase prices of its nylon and intermediates product lines in Asia-Pacific effective from 15 August 2012.
Prices for the entire nylon 6, nylon 6,6 and nylon 6/6,6 value chain in Asia-Pacific will increase by $200/tonne or as ongoing contracts allow, BASF said.
This price increase is necessitated by higher raw material prices, the company added
Some regional Asian producers said they are also considering a similar move for September, but had not decided yet.
Capro is an intermediate primarily used in the production of nylon 6 fibres, plastics and other polymeric materials.
($1 = €0.81)
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