12 March 2010 17:04 [Source: ICIS news]
Correction: In the ICIS news story headlined “BASF restarts Antwerp EO/MEG facility after turnaround” dated 12 March 2010, please read in the fifth paragraph … was also taking place in May … instead of … in March…. A corrected story follows.
The 450,000 tonne/year EO and 360,000 tonne/year MEG lines resumed production towards the end of this week and were now running, the source added. The unit had been down for three weeks.
BASF’s return coincided with the restart of INEOS Oxide’s Lavera site in ?xml:namespace>
INEOS Oxide was due to take down its
Clariant’s catalyst change at its Gendorf,
The MEG market was dogged by supply constraints because of a reduction in import material, so the European shutdowns were compounding the situation, players said.
While availability remained an issue for many players, MEG spot prices were falling, buyers and sellers agreed.
Spot deals in Europe were concluded this week either side of €750/tonne ($1,027/tonne) CIF (cost, insurance and freight) NWE (northwest
The last time prices fell openly in the market, was in November 2009, when deals were being recorded in the low €500s/tonne.
For EO, both buyers and sellers described the market as more balanced in March, following limited availability during February, and prices were expected to remain relatively stable, driven by the rollover in ethylene feedstock costs.
($1 = €0.73)
Heidi Finch contributed to this article
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