29 January 2014 11:04 [Source: ICIS news]
SINGAPORE (ICIS)--February caprolactam (capro) contract offers and selling ideas were reported between $2,450-2,550/tonne CFR (cost & freight) NE (northeast) Asia, $30-70/tonne higher compared with initial offers in January, according to key producers and buyers on 29 January.
The targeted increase by Japanese, European and Taiwanese contract producers in February were attributed to high benzene prices in Asia, Europe and the US and tight supply of spot imports to the northeast Asia region.
Spot benzene prices in Asia were at $1,323-1,370/tonne FOB (free on board) Korea for the week ended 24 January.
In the spot market, supply was tight as some European and US producers were reported to be running at reduced capacities.
January loading materials from the west were likely to be delayed due to cold weather conditions that affected shipments, according to several key buyers.
On the buyers' side, there had not been much response to the fresh contract offers as most of the players have exited the market with Lunar New Year just around the corner.
January capro contracts were finalised at $2,370-2,390/tonne CFR NE Asia, as confirmed with major buyers and sellers in the market.
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