26 November 2013 09:53 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec has settled its November caprolactam (capro) contract price (CP) at yuan (CNY) 18,100/tonne ($2,972/tonne), down by CNY750/tonne from October, a company source said on Tuesday.
Spot domestic capro prices in China started falling from mid-October because of capacity expansion amid weak demand from downstream nylon 6 market, traders said.
Sinopec Baling Petrochemical, which has a total capro capacity of 300,000 tonnes/year, is currently running its three lines at around 90% of capacity since end-October.
China's domestic capro spot prices were last assessed at CNY17,000-17,400/tonne, according to Chemease, an ICIS service in China.
($1 = CNY6.09)
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