10 February 2009 23:59 [Source: ICIS news]
LONDON (ICIS news)--European liquid epoxy resin (LER) and solid epoxy resin (SER) prices sustained losses of €220-300/tonne ($286-390/tonne) in February, largely due to declines in upstream markets, sources said on Tuesday.
Lacklustre sales and languishing demand was also taking a significant impact on the market, said a producer, who confirmed that LER prices were pegged at €1,850-1,980/tonne FD (free delivered) NWE (northwest Europe) and SER prices at €1,900-1,950/tonne FD NWE for February business, according to global chemical market intelligence service ICIS pricing.
The majority of commentators attributed these falls to reductions of €450/tonne in the January/first-quarter upstream epichlorohydrin (ECH) market, which were now being factored into pricing. Others cited the ongoing skewed market fundamentals in favour of supply, which showed no signs of returning to balanced levels.
However, producers were optimistic that prices had now bottomed out as the latest fall comes after contracts lost €170/tonne in January as a result of upstream falls in the European bis-phenol A (BPA) market, bringing the total decreaseto €390-470/tonne.
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