27 August 2012 08:23 [Source: ICIS news]
By Andrea Heng
Prices were assessed at $970-1,000/tonne (€776-700/tonne) FOB (free on board) southeast (SE) Asia during the week ended 24 August in main producing regions
Although some participants were absent from the market during the week amid the Muslim festival of Eid ul-Fitr - that comes at the conclusion of the fasting month of Ramdan - which started on 19 August, sellers’ offers were higher in line with the uptrend in the feedstock markets during the week.
Crude palm oil (CPO) prices rose from Malaysian ringgit (M$) 2,740/tonne DEL (delivered) Malaysia to M$2,980/tonne DEL Malaysia week on week, according to the last transaction on the Malaysian Palm Oil Board on 22 August.
“Buying activity increased prior to Eid ul-Fitr as most customers believed the market bottomed out a week earlier and are seeking to restock before prices rise further,” a southeast Asian producer said.
Trade activity increased slightly as the summer holiday season in
“We heard more enquiries before Eid ul-Fitr and have advised our customers to purchase before the prices increase again,” a southeast Asian trader said.
Chinese prices also rose by yuan (CNY) 400/tonne EXW (ex-works)
“In addition, local customers have to consider switching to the standard 80/20 grade of soap noodles because factories in south China that were producing the cheaper, imitation grades have been ordered to shut down,” a major Chinese producer said.
Similarly, Indian prices of soap noodles increased by Indian rupees (Rs) 3,000/tonne EXW India.
“Both local and foreign demand is expected to increase around September, when Europe’s summer holidays and
However, other market participants said this may be a marginal increase of 5-10% as
“When winter begins after October,
Soap noodles, which are made from vegetable or animal fat, are used in the manufacture of soap bars in the beauty and pharmaceutical industry.
($1 = €0.80, $1 = CNY6.36, $1 = Rs55.50)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections