May Europe PA contracts increase €10-15/tonne

16 May 2008 23:59  [Source: ICIS news]

LONDON (ICIS news)--Increases of between €10-15/tonne were seen across European phthalic anhydride (PA) May contracts on the back of feedstock increases, buyers and sellers said on Friday.

Volumes of liquid PA rose by €15/tonne to €1,250-1,315/tonne ($1,923-2,023/tonne) FD (free delivered) NWE (northwest Europe), while flake product incurred a slightly smaller increase of €10/tonne at €1,205-1,305/tonne FD NWE.

The increases were considered an average, following varying ideas, which had emerged from the buy and sell camps over the past couple of weeks.

A €20/tonne increase on the upstream May orthoxylene (OX) contract left sellers hopeful that they would be able to recover their margins.

Although a few reported settling at this level, a fellow seller said it had agreed to its May business at a smaller increment of €10/tonne.

Buyers reported a mixed bag of settlements, ranging from €10-20/tonne, deeming the increase purely feedstock-driven, rather than as a result of supply and demand dynamics.

Business in the flakes market was concluded at a smaller increase due to the sheer volume of material available.

($1 = €0.65)

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By: Fiona Bond
+44 20 8652 3214

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