07 March 2013 05:16 [Source: ICIS news]
CHONGQING, China (ICIS)--A portion of March caprolactam (capro) contracts in China were concluded at $2,575/tonne (€1,983/tonne), $45-65/tonne higher than February settlement, market players said on Thursday.
The price is on a cost and freight (CFR) northeast (NE) Asia basis.
Negotiations with other suppliers are underway in China at $2,570-2,580/tonne CFR NE Asia. In Taiwan, negotiations are also expected to hover around the same levels, market sources said.
March offers by major producers were at $2,650/tonne CFR NE Asia, according to market players.
Buyers, in accepting the price hike this month, recognise that capro producers’ margins are being squeezed by high costs of upstream benzene, said a northeast Asian key producer.
February capro contracts in Asia were concluded at $2,510-2,530/tonne CFR NE Asia, according to ICIS.
Capro is an intermediate product that is primarily used in the manufacture of nylon 6 fibres, plastics and other polymeric materials.
($1 = €0.77)
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