21 April 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--Second quarter ?xml:namespace>
Most players said they had settled at least 65% of their contracts, and added that the outstanding contracts were likely to be agreed at similar values.
“I have settled most contracts at hikes of €50-60/tonne, and real values come to €1,110-1,150/tonne,” a producer said.
Many buyers said they had achieved increases between €20-50/tonne.
One consumer, who settled most of its contracts at hikes of €20-35/tonne, said that the market remained weak in the second quarter. The player explained that domestic material was easily obtainable, and that downstream demand was flat.
Another buyer, who confirmed it had agreed almost of all of its contracts at hikes of €20-30/tonne, said that the size of the increase depended on where first quarter contracts had been settled. The source said that its real values for the second quarter would amount to €1,120/tonne on average.
Most players on the buy side agreed that demand was lacklustre and at best flat compared with the first quarter.
Sellers, however, reported slightly higher numbers. One producer, who confirmed increases of €50-60/tonne for most contracts, said it was currently running at full operating rates, as it had been for most of the year, but that strong demand would soon lead to a reduction of its spot availability.
Two other sellers re-confirmed their previously announced increases of €50-60/tonne, while one of them had settled outstanding contracts at slightly lower hikes of €40/tonne. Both said that real values came to €1,130-1,150/tonne.
On the basis of the above information, European second quarter melamine values were changed to €1,110-1,150/tonne FD (free delivered) NWE (northwest
($1 = €0.74)
To discuss issues facing the chemical industry go to 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|