Asian caprolactum prices jumped US$150 a ton SE and FE markers in the second week of December. In China, spot offers for liquid goods surged US$485 a ton on the week.
Sinopec hiked its December contract nomination while Fibrant raised its nomination for December which was up US$195 a ton from last week.
Caprolactum prices continued to surge on the back of moderate demand and range?bound benzene. Producers oversold too many volumes, leading to tight supply. Spot prices hit a 2-year high in the week on a CFR China and CFR Taiwan basis because of limited supply, feedstock benzene prices, higher domestic Chinese prices.
Tight supply resulting from capacity cuts in Europe and US have also reduced the availability of spot cargoes in Asia.
In Europe, contract price negotiations for December was progressing at a slow pace despite this month is shorter in working days.
Courtesy: Weekly PriceWatch Report
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