18 January 2013 08:32 [Source: ICIS news]
SINGAPORE (ICIS)—Methyl ethyl ketone (MEK) prices in the Chinese domestic market fell sharply during the week ended 18 January amid a seasonal slowdown in the downstream demand, Chinese sources said on Friday.
Domestic prices fell by yuan (CNY) 300-450/tonne from the previous week to CNY8,450-8,550/tonne ex-tank in east China and CNY8,650-8,800/tonne ex-tank in south China on 18 January, according to Chemease, a service of ICIS.
A few producers have cut their prices in order to clear their inventories to make way for incoming shipments, Chinese sources said.
“There is not much restocking activity before the Lunar New Year holiday. End-users continue to be cautious about their business outlook,’’ a trader said.
Chinese sources said buying activity is expected to weaken further as the 9-15 February Lunar New Year holiday draws closer. Plants typically shut for about a week before the holiday, they added.
($1 = CNY6.22)?xml:namespace>
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