11 October 2013 10:07 [Source: ICB]
Offers for October caprolactam contracts in Asia increased because of tighter supply amid scheduled turnarounds at regional facilities, market sources said on 4 October.
Initial offers for October contract cargoes from Japan and Europe rose to $2,430-2,500/tonne (€1,774-1,825/tonne) CFR (cost and freight) NE (northeast) Asia, up by $10-50/tonne from the initial contract offers for September cargoes, they said.
September capro contracts were settled at $2,370-2,400/tonne CFR NE Asia for major buyers and suppliers in the market, $50-60/tonne higher than the concluded price for August contracts.
In Japan, Sumitomo Chemical is due to shut its 180,000 tonne/year capro plant in Niihama, Ehime prefecture, in mid-October and the plant will remain off line until end of November.
Meanwhile, one of Ube Industries’ 45,000 tonne/year capro lines is due to maintenance this month in early October. In Taiwan, China Petrochemical Development Corp’s (CPDC) 100,000 tonne/year capro line in Toufen is due for upgrade and will be shut for around four days from 7 October.
Higher contract offers for October are also supported by firm spot prices given tight availability of spot cargoes to the key China and Taiwan markets.
On 2 October , spot prices were assessed at $2,370-2,410/tonne CFR NE Asia, up by an average of $35/tonne from early September.
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