In China, spot offers for liquid goods jumped US$140 a ton in the third week of November while solid good offers surged US$110 a ton on the week. Asian caprolactum prices gained US$20-30 a ton SE and FE while Japanese goods were flat on the week.
Caprolactum prices marched higher given healthy downstream demand and recovering raw materials benzene against slightly increased supply. In China, spot offers for liquid and solid goods were raised sharply.
Sinopec and Fibrant also hiked their November nominations in line with the surge in spot numbers. Sinopec further raised its November nomination which was up US$70 a ton from last week for liquid goods while Fibrant raised its November nomination which was up US$75 a ton from last week for liquid goods.
Downstream demand picked up as run rates at polymerization units were at 75%, and inventory level down to 2 days’ worth. Yarn makers were running at 70%, with inventory at 25-30 days’ worth. Healthy demand and increased supply contributed to balanced fundamentals.
Courtesy: Weekly PriceWatch Report
