19 December 2008 19:43 [Source: ICIS news]
LONDON (ICIS news)--The European polyvinyl chloride (PVC) market continued its sharp downward trend this week, losing a further €80/tonne ($114/tonne) on December domestic contracts.
As a result, the northwest European range was pegged at €870-945/tonne FD (free delivered) Europe, according to global chemical market intelligence service ICIS pricing.
The export spot market also lost a further $50/tonne as producers and re-sellers continued to offload material into the Middle East and Turkey at prices as low as $600/tonne FOB (free on board) Export in a bid to clear stocks.
Commentators said the decrease was due to falling demand, hesitant buyers and frantic destocking in a bid to minimise the risk of exposure to high-priced inventories, ahead of anticipated upstream falls in the first quarter.
($1 = €0.70)
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