21 October 2005 17:00 [Source: ICIS news]
LONDON (ICIS news)--Higher feedstock costs and tight supplies pushed the Q4 European liquid phthalic anhydride (PA) contract settlement to Euro950-970/tonne, up around Euro120/tonne on Q3, producers and consumers said on Friday.
The hike reflected the Euro160/tonne increase chalked up on Q4 orthoxylene (OX) feedstock prices, which were settled at Euro770/tonne free delivered (FD) Northwest Europe (NWE) as well as tight PA supply. The PA deal was agreed on a FD NWE basis.
A series of unscheduled and planned production shutdowns at key European producers since August has resulted in spot PA prices rising to Euro1,000/tonne FD in early October, from around Euro850/tonne FD at the start of August.
PA negotiations were hampered until this week by a delay in the settlement of OX prices as an initial Euro730/tonne agreement failed to find industry-wide support. The Euro770/tonne price was only agreed late last Friday (14 October).
The European PA market remained tight this week and spot material was in short supply. ?xml:namespace>
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