Partial Asia capro July contract settled $70/tonne higher

21 July 2014 11:48 Source:ICIS News

SINGAPORE (ICIS)--Some caprolactam (capro) July contracts in Asia have been concluded at $2,300/tonne, an increase of around $70/tonne from June’s contract settlement, market sources said on Monday.

June capro contracts were concluded at $2,200-2,240/tonne CFR (cost and freight) NE Asia, according to ICIS data.

Higher July capro contract prices were supported by strong upstream benzene prices since end-June, and underpinned by upward revisions in capro contract negotiations in the Chinese domestic market.

In China, the cumulative price increase for Sinopec’s contract nomination for July was (yuan) CNY600/tonne ($97/tonne), while DSM Nanjing Dongfang raised its nomination contract price by CNY300/tonne.

Negotiations are still ongoing for major buyers and sellers in the market.

($1 = CNY6.21)

By Daphne Ho