19 February 2009 10:07 [Source: ICIS news]
Spot prices for both optical grade and general purpose (GP) moulding grade have fallen $900/tonne (€720/tonne) from October 2008 to around $1,850/tonne CIF (cost, insurance and freight) Hong Kong and $2,050/tonne CIF Hong Kong respectively, a level not seen since February 2004, according to global chemical market intelligence service ICIS pricing.
The outlook remained gloomy as further price cuts were anticipated amid stiff price competition. With feedstock bisphenol A (BPA) hovering below $900/tonne CFR (cost and freight) NE (northeast) Asia, market participants expected PC prices to fall below $1,800/tonne CIF Hong Kong in the coming weeks.
“My customers are delaying their purchases as prices have yet to bottom out”, a Hong Kong-based trader who reported a 50% dip in sales volumes in February compared with the same period a year earlier, said in Mandarin
“Demand is poor in the current global economic downturn,” he added.
($1 = €0.80)
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