23 November 2007 23:59 [Source: ICIS news]
By Adal Rafiq
LONDON (ICIS news)--Pressure continued to mount on European polyvinyl chloride (PVC) producers this week as November business was assessed down €5-10/tonne ($7.42-14.83/tonne) across Europe on slowing demand and ample supply, market sources said on Friday.
There was some consensus on the general direction of business this week, as bearish tones continued to be heard from buyer sources across ?xml:namespace>
Minus €15/tonne was exceptional, sellers said.
Most agreed that the
European spot numbers were assessed stable at €840-910/tonne on a FD (free delivered) EU (European Union) basis according to global chemical market intelligence service ICIS pricing.
Further decreases were expected for December spot and monthly business. Some sellers, however, said they may look to increase prices for December, particularly in
Buyers, however, continued to remind suppliers of the increasingly worrying global economic situation. PVC, so dependent on the construction industry for demand, will be heavily impacted.
“It is a very nervous time for us at the moment,” said one seller.
“We don’t know where the ethylene contract will settle, but it could well be an increase. This is all crystal ball gazing, but if so, we may have to try and push for an increase in December. That will be very difficult,” the source added.
($1 = €0.67)
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