26 January 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--The European January virgin 6 polymer contract price finalised up €0.18-0.23/kg ($0.25-0.32/kg) because of higher feedstock costs and tight supply, buyers and sellers said on Tuesday.
The settlement was in line with the €189/tonne hike in the upstream January benzene contract price, sources said. Some nylon 6 producers managed to pass through higher increases, aimed at recovering margins lost in 2009, due to low availability, players reported.
“Stocks were low in January so everybody needed to accept the price increase,” one buyer said.
Nylon 6 was in tight supply on the back of rising demand, thought to be caused by restocking, and low production inventories, buyers and sellers said.
A minority of buyers saw nylon 6 January contract prices as low as €1.60/kg, and a few producers reported slightly higher prices of €1.85/kg, but these were not thought to be representative of the market.
The European January virgin polymer contract finalised at €1.73-1.85/kg FD (free delivered) NWE (northwest ?xml:namespace>
Further nylon 6 price increases were expected in February due to forecasts of higher upstream costs, but it remained too early for firm price indications, according to sources.
($1 = €0.71)
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