SINGAPORE (ICIS)--Southeast (SE) Asia refined glycerine prices fell for the second consecutive week after the Eid-al-Fitr holiday in late-July as a result of high supply and weaker-than-expected demand, sources said on late Wednesday.
Refined glycerine prices fell to $720-770/tonne FOB (freight on board) SE Asia on 13 August from $730-780/tonne FOB SE Asia a week ago, according to ICIS data.
Buyers and traders have been lobbying for lower prices, in anticipation of the need to move cargoes in the well-supplied market.
Some participants were expecting prices to fall below $700/tonne FOB SE Asia in the upcoming weeks and were in no hurry to stock up during this time.
Slower-demand owing to overall weak macroeconomic factors was also contributing to the bearish overtone.
However, some of the oleochemical manufacturers were reluctant to lower prices amid persistent weak demand for main products in fatty acids/alcohols.
Further, they claimed to be able to move cargoes easily at and above $770/tonne FOB SE Asia but most of the traders and some buyers were sceptical on the high prices amid ample lower-priced cargoes.