Sinopec revises capro contract list price for second time in July

11 July 2014 13:08 Source:ICIS News

SINGAPORE (ICIS)--China’s Sinopec revised its July caprolactam (capro) contract nomination list price for the second time to (yuan) CNY18,300/tonne, up from the previous nomination by CNY 300/tonne ($48/tonne), according to a company source on Friday.

The company originally nominated its July contract price at CNY17,700/tonne EXW (ex-works), but it was increased to CNY 18,000/tonne EXW on 1 July.

For import cargoes to the northeast Asia region, July contract negotiations have yet to firm. Offers were at $2,370-2,390/tonne CFR(cost and freight) NE Asia against buying indications were at around $2,250/tonne CFR (cost and freight) NE (northeast) Asia.

Despite a wide price gap between buyers and sellers, both parties are expecting an increase in contract prices led by firm benzene prices.

Additional reporting by Shi Huan

($1 = CNY6.20)

By Daphne Ho