26 February 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--European propylene glycol ether spot prices have firmed this week after the March propylene contract settled up by €35/tonne ($47/tonne) from the previous month, sources said on Friday.
Methoxy propanol (PM) rose by €10/tonne at the lower end and methoxy propanol acetate (PMA) increased by €10-20/tonne.
“Producers have had enough of not making any money,” said one supplier.
PM and PMA spot prices were assessed at €1,000-1,020/tonne FD (free delivered) NWE (northwest Europe) and €1,130-1,150/tonne FD NEW, respectively, according to data from global chemical market intelligence service ICIS pricing.
There had been little resistance to the price increases as the market was tight because of propylene shortages, and producers were adamant that they were not through with increases, according to market sources.
Suppliers said they were looking for further hikes of between €50-75/tonne over the course of March, as they have struggled to pass on raw material costs this quarter due to weak demand.
“These markets have been a pretty miserable place for a while now, but we’ve already had large, high-priced orders for March,” said one producer.
($1 = €0.74)
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