China mixed aromatics importers see bigger margin losses

29 September 2017 03:49 Source:ICIS News

SINGAPORE (ICIS)--The theoretical import margin losses for Chinese mixed aromatics importers widened in the week ended 28 September on the back of higher import costs, market sources said on Friday.

The import losses widened by yuan (CNY) 76/tonne from a week earlier to minus CNY110/tonne on 28 September, according to data compiled by ICIS. (please see table below)

Import costs soared on increased crude values, which hit a 26-month high due to concern over geopolitical risks in the Middle East, market sources said.

Stronger crude values also pushed up domestic sales prices of imported mixed aromatics, but the rise was to a smaller extent as some traders were rushing to sell cargoes.

Margin losses are likely to persist next week as the China market is closed for a public holiday.

China’s Mixed Aromatics Import Margins

Date

CFR China

Exchange rate

Import costs

Traded prices in east China

Import margin

 

($/tonne)

(1$=RMB)

(CNY/tonne)

(CNY/tonne)

(CNY/tonne)

28 Sept

661

6.6285

5,585

5,475

-110

21 Sept

649

6.5867

5,449

5,415

-34

Change

12

0.0418

136

60

-76

Source: China editorial team at ICIS

 


By Anna Xiang