China’s Sinopec rolls over Dec capro contract from Nov level

26 December 2013 06:12  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has settled its December caprolactam (capro) contract price at yuan (CNY) 18,100/tonne ($2,982/tonne), unchanged from the settlement in November, a company source said on Thursday.

Sinopec has maintained its settlement price for December because of weak demand from the downstream sector in the second half of the month, the source added.

The downstream market is still under tight financial constraints in December, a market player has indicated. Polyamide 6 (PA6) chip prices from the downstream nylon 6 market have also remained weak.

However, Sinopec has increased its December list prices to CNY18,400/tonne, up by CNY 300/tonne from the list prices announced in end-November, the source said.

This was because Chinese domestic spot prices for capro have been on a gradual rise since early December due to a shortage of feedstock benzene supply, the source added.

China's domestic capro spot prices were assessed at CNY17,400-17,800/tonne on 25 December, compared with CNY17,400-17,600/tonne in early December, according to Chemease, an ICIS service in China.

($1 = CNY 6.07)

By: Huan Shi

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