02 March 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--European methylene chloride spot prices rose by $50/tonne (€68/tonne) as global demand surged and European supply tightened, market sources said on Tuesday.
The spot price was assessed at $650-750/tonne FOB (free on board) NWE (northwest ?xml:namespace>
Demand for methylene chloride on the export market had been steadily increasing since January, producers said, which had pushed prices to levels some had not previously expected. Several sellers reported export deals in the range of $850-890 CFR (cost and freight), while others said their lowest-priced deals were at $650 FOB NWE.
“I’m surprised by the demand,” one producer said, adding that it had not seen export prices at these levels in 10 years of business. “I’m not sure how long it will last.”
Continual requests have poured in from across the globe – particularly
Market participants also suggested that Asian suppliers had yet to come fully back online after the Lunar New Year celebrations.
In the upstream markets, methanol spot prices edged higher by €12/tonne in Europe during the week ended 26 February to €235-235/tonne FOB
Caustic soda prices were assessed as stable at $185-200/dry metric tonne (DMT) FOB NWE and MED for the week ended 26 February.
($1 = €0.74)
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