04 September 2013 07:38 [Source: ICIS news]
SINGAPORE(ICIS)--A portion of September caprolactam (capro) contracts were offered at $2,450/tonne (€1,862/tonne), $30-50/tonne higher than the August offers, on the back of tight supply, according to market sources on Wednesday.
The offers were on a CFR (cost & freight) NE (northeast) Asia basis.
September contract offers from Japanese producers were higher because of the strengthening of capro spot prices during the month of August, on the back of tight spot availability in the region.
Furthermore, upstream benzene prices were firmer and costs have risen, a key Japanese producer added. At midday, benzene prices were at $1,290-1,300/tonne FOB (free on board) Korea.
August capro contract in Asia were largely concluded at $2,320-2,340/tonne CFR NE Asia, according to major buyers and sellers in the market.
Capro is an intermediate product that is primarily used in the production of nylon 6 fibres, plastics and other polymeric materials.
($1 = €0.76)
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