Europe June phenol up €97/tonne on benzene

06 June 2008 23:59  [Source: ICIS news]

LONDON (ICISnews)--The phenol contract for June has increased by €97/tonne on the back of firmer benzene prices, producers and consumers confirmed on Friday.

“We have pushed the hike through and already settled the contract and spot at an increase of €97/tonne ($152/tonne),” a major phenol producer confirmed.

The June phenol pre-discounted contract settled at €1,332-1,372/tonne FD (free delivered) NWE (northwest Europe), up €97/tonne on May, according to global market intelligence service, ICIS pricing.

The June phenol contract followed the June benzene contract, which settled up €97/tonne at €858/tonne FOB (free on board) NWE on Friday 30 May.

On the phenol spot market, it was not widely confirmed that the full €97/tonne increase had been agreed by all.

“We are nearing the end of the quarter and just drawing on contract so we have no spot requirements,” a large consumer said.

Despite this, a producer said that it would push for the full benzene increase on spot volumes, as there was no reason why he ‘should settled for anything less’.

The overall demand situation for phenol was mixed depending on source.

“We are happy with our volumes although polycarbonates are suffering,” a major producer confirmed, adding that the downstream phenolic resins business was running normally.

Other suppliers, however, said that they had seen a slight downturn in demand from the phenolic resins sector thus far into June.

By: Julia Meehan
+44 20 8652 3214

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