SINGAPORE (ICIS)--Spot prices for base rigid polyols in southeast Asia increased for March shipments, according to market sources late on Wednesday.
Cargoes originating from China were heard offered at $2,020-2,040/tonne CFR (cost & freight) SE (southeast) Asia for March shipment, up from February offers heard at $1,950-2,000/tonne CFR SE Asia.
The increase was due to producers facing increasing feedstock propylene oxide (PO) cost pressure, market players said.
Market participants said that March purchases at prices below $2,000/tonne CFR SE Asia in March could be difficult as suppliers were unwilling to release cargoes below this level.
Spot import prices of PO in China had resumed an uptrend shortly after the Lunar New Year holidays, increasing by $70-80/tonne since mid-February.
PO spot import prices were assessed by ICIS to be at $1,950-2,030/tonne CFR China in the week ended 7 March.