China mixed aromatics importers’ margins shrink on higher costs

01 December 2017 03:48 Source:ICIS News

SINGAPORE (ICIS)--Importers of mixed aromatics in China generated lower margins in the week ended 30 November as import costs rose and domestic selling prices fell.

Qingdao port 1 December

The import margins fell 52% week on week to Chinese yuan (CNY) 60/tonne on 30 November, according to ICIS data.

A stronger Chinese yuan against the US dollar drove up import costs of mixed aromatics.

Meanwhile, the imported cargoes fetched lower prices in the domestic market amid sluggish sales, industry sources said.

The bearish market condition is likely to persist into next week on an expected influx of import cargoes and possibly, slightly firmer crude prices. This may exert a further downward pressure on import margins.

ICN

Picture: Container port in Qingdao, Shandong province, China. (Photographer:Yu Fangping/Pacific Press via ZUMA Wire/REX/Shutterstock)

By Anna Xiang