SINGAPORE (ICIS)--Refined glycerine prices in Asia is on a downtrend, on the back of ample supply and weak demand, market participants said on late-Wednesday.
According to ICIS pricing, spot drummed cargoes were at $770-820/tonne FOB (freight on board) SE Asia in the week ended 9 July. Prices fell by $10-20/tonne to reflect the weakening sentiment over the past few weeks.
“The market is softer, and prices are coming down slowly”, one regional fatty acids commented.
Some buyers and traders were buying cautiously in smaller volumes, as expectations of further softening held back firm and long positions.
A few industrial buyers in southeast Asia and northeast Asia were consuming lower volumes because of reduced operating rates.
“We are seeing less buying, especially when the larger buyers are not so active,” one northeast Asian trader said on late Wednesday.
However, some players are optimistic, expecting seasonal demand for winter applications in antifreeze and moisturizer sectors to help bridge the demand gap by the third quarter.