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(ICIS) -- Chinese market players have
reversed a rare move to resell bonded cargoes of methyl tertiary butyl ether
(MTBE) because domestic demand for gasoline fuel is picking up, traders said on
Monday. A major Chinese seller withdrew its offer to sell 4 KT of bonded
MTBE last week. The seller’s initial offer stood at USD 1.140/tonne (EUR
787/tonne) FOB (free on board) China, the traders said.
Around 10-12 KT of MTBE material were being resold into the Singapore
market in ecent weeks at USD 1.120/tonne FOB China, or equivalent to USD
1.165/tonne CFR (cost & freight) Singapore, the traders added. The cargo was
subsequently sold at USD 1.140/tonne FOB China or USD 1.185/tonne CFR Singapore,
the traders added.
China, the world's top energy user, imports gasoline despite being a net
gasoline exporter and major Chinese refiners source the motor fuel from private
blenders, the traders added. There will be hundreds of thousands of motorists on
the roads during Golden Week, which is a week-long holiday celebrating China's
National Day.
Overall gasoline demand remains stable in China, although the Chinese
government is tightening credit to combat inflation, industry players
said.
mrcplast.com
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