In the second week of August, caprolactum prices softened reflecting weaker benzene and growing market length. Demand was bearish and low-end liquid spot offers were corrected down while offers for solid goods also fell. Upstream benzene market sentiment weakened as US crude futures was down for seventh consecutive week.
Run rates of polymerization units declined and inventory level was at around 7 days’ worth. Nylon textile yarn makers were running at low capacity, with inventory at around 28 days’ worth. With weak feedstock and withering demand to meet a longer market, caprolactum markets are likely to soften further in coming weeks.
In China, spot offers were down US$160 a ton and discussions were also down US$160 a ton. Asian markers, the SE and FE declined further US$20 a ton. Sinopec lowered its nomination for August and it was down US$150 a ton for liquid while DSM Nanjing’s nomination price was steady.
Courtesy: Weekly PriceWatch Report
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