19 September 2012 11:51 [Source: ICIS news]
SINGAPORE (ICIS)--A number of Chinese paraffin wax makers have raised offers by around $20/tonne (€15/tonne) this week, but buyers are resisting higher prices amid the global economic uncertainty, market sources said on Wednesday.
Offers for solid fully-refined material are being quoted at $1,400-1,420/tonne FOB (free on board) CMP (?xml:namespace>
But most buyers remained cautious and are currently buying on a need-to basis, market sources said.
Demand for paraffin wax is usually strong in August to October, in preparation for the peak candle production season in the last four months of a given year. But so far, demand has been poorer than expected, market sources said.
In the week ended 12 September, spot prices of solid fully refined paraffin wax were assessed stable for the third consecutive week at $1,360-1,400/tonne FOB (free on board) China Main Port (CMP), according to ICIS.
A few market participants expect producers to lower offers towards the end of the month to attract buying interest.
($1 = €0.77)
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