01 October 2009 16:20 [Source: ICIS news]
The contracts were agreed at $728-735/tonne (€495-500/tonne) FOB (free on board) NWE (northwest ?xml:namespace>
One producer and one buyer confirmed that they had settled October contracts at $730/tonne. Another supplier later said that it had agreed October levels at a range of $730-735/tonne, while one consumer said it had settled at $728/tonne.
“The market is very quiet,” said one of the suppliers involved. “Supply is still limited because refinery operating rates are still down, but there has been a dearth of spot business. We have only seen offers recently, not bids.”
Another source agreed: “There have been no spot deals, so it has been difficult to peg levels.”
One buyer added: “We have seen no spot business. There is some imported material but very few cargoes from trade. There should be more output later in the year, but demand will be difficult to predict.”
“Demand is down, but that is only part of the picture,” said another of the producers involved. “We have to look at the wider market situation.”
($1 = €0.68)
To discuss issues facing the chemical industry visit ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections