China November capro contract offers at $2,550-2,600/tonne

30 October 2012 09:21  [Source: ICIS news]

SINGAPORE (ICIS)--Offers for November caprolactam contract in China are being quoted at $2,550-2,600/tonne (€1,989-2,028/tonne), largely unchanged from the settlement in October, market sources said on Tuesday.

Contract negotiations, however, are expected to be prolonged given an average 12% gap between the offers and current spot prices, they said.

Spot prices were being quoted at $2,280-2,300/tonne CFR (cost and freight) China on Tuesday, market sources said.

Asian capro suppliers are not inclined to cut contract offers, citing high production cost because of firm prices of feedstock benzene, they said.

“There is no profit for us,” a market player said.

Benzene was trading in Asia at $1,285-1,305/tonne FOB (free on board) Korea on Tuesday morning, according to ICIS.

“Maybe it will take us more time to discuss the November contract,” a capro end-user said.

($1 = €0.78)

By: Angeline Zhang

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