30 September 2007 10:42 [Source: ICIS news]
BERLIN (ICIS news)--Tight European petrochemicals and polymers supply and rising energy costs were likely to be high on the agenda as delegates gathered in the German capital on Sunday for the industry's annual meeting.
Ahead of what is traditionally a hectic few days of meetings for delegates at the European Petrochemical Association (EPCA) ICIS pricing reporters have culled a quick snapshot of key trends in the major markets.
The October-November bi-monthly price was initially agreed also at €945/tonne FD NWE, up €15/tonne, but has not so far been supported and there was speculation it could soon disappear from the market.
Dow was targeting a €40/tonne October hike for all its PE resins in
In the polypropylene (PP) market, buyers and sellers were positioning themselves for October pricing discussions this week. One major producer made it clear that it would be looking for higher prices in October.
Producers intended to cover the modest fourth quarter PP increase of €10/tonne, and one announced a €20/tonne target hike for October.
Fourth quarter methanol negotiations were underway, and a contract price was expected to be agreed at EPCA.
Third quarter methanol contracts were agreed at €218/tonne FOB Rdam, down €32/tonne. A possible €340/tonne FOB Rdam fourth quarter contract price was deemed conservative by the end of last week, after Statoil declared force majeure at its Tjeldergodden unit.
The European benzene market is viewed as long in
For styrene, the European market was expected to be tight owing to a number of planned outages. Spot styrene was valued at $1,280-1,300/tonne FOB
Polyvinyl chloride (PVC) prices firmed by €10/tonne in September after stiff resistance from buyers. Sellers were again looking to raise prices for October on news that upstream fourth quarter ethylene would rise by €20/tonne.
Activity on the methyl tertiary butyl ether (MTBE) market has been quite high through September, as prices have dropped and the product has become more economical for blending. It has traded in the mid-high $700s/tonne for the past couple of weeks.
European biodiesel producers were complaining of tight margins, or losses, because of high vegetable oil feedstocks, competition from cheaper subsidised
Rapeseed methyl ester (RME) was seen higher this week bringing the assessed range to €662-681/cbm FOB NWE.
($1 = €0.70)
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