14 December 2012 09:30 [Source: ICIS news]
SINGAPORE (ICIS)--Methyl ethyl ketone (MEK) suppliers in the key export market of China are seeking to increase their prices by $30-50/tonne (€23-38/tonne) for January shipments on the back of a firmer Chinese domestic market, industry sources said on Friday.
The price ideas of Chinese exporters are now at a minimum of $1,300/tonne FOB (free on board) China compared with transacted prices at $1,250-1,270/tonne FOB China for December-loading cargoes, sources said.
It remains to be seen if the higher prices will be accepted by buyers who expect demand to remain low until early next year because of the Lunar New Year holidays on 9-15 February.
“We have to manage our import costs carefully as our domestic sales will probably remain slow in January and February,” a distributor in South Korea said.
Chinese domestic prices have increased in recent weeks because of shipment delays caused by bad weather conditions, market sources said.
Prices in east China were at yuan (CNY) 9,200-9,300/tonne ($1,477-1,493/tonne) ex-tank on 14 December, higher compared to prices at CNY8,950-9,100/tonne a week ago, according to chemease, an ICIS service in China.
($1 = CNY6.23 / $1 = €0.76)
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