September 3, 2003
Sumitomo Chemical Raises US-Dollar Quoted Prices for DL- Methionine in China
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Japan's Sumitomo Chemical reportedly raised its CIF US-dollar denominated price quotes for dl-methionine in China. Quoted prices have been raised from US$2.35/kg to US$2.38/kg for L/C at sight offers, and from US$2.38/kg to US$2.41/kg for other L/C terms offers. The price adjustment is an increase of US$0.03 per kilogram. The revised US$ offers would be translated into offers in Reminbi at above RMB24.5/kg in China.
Sumitomo Chemical is one of the main suppliers of powder methionine in China. It has been increasing its share of China's methionine market during the past two years. Traders believe that the price adjustment will help improve the current dismal state of market prices for methionine in China.