22 April 2011 06:39 [Source: ICIS news]
By Liu Xin
“The prevailing tight supply is likely to persist into June,” a northeast Asian trader said.
In the week ended 15 April, phenol prices were assessed at $2,000-2,045/tonne (€1,380-1,411/tonne) CFR (cost & freight)
Despite the hike, cargoes bound for the key
Spot prices in southeast (SE) Asia and India had surged more than 15% over the same period to $2,030-2,200/tonne CFR SE Asia/India on 15 April, ICIS data showed.
Derivative demand in
“Weak business conditions in the downstream sectors are exerting downward pressure on domestic phenol prices, despite escalating import costs,” an eastern China-based importer said.
The prevailing Chinese domestic values have placed the import parity of phenol at below $1,900/tonne CFR China. However, buyers are warming up to higher import prices in view of depleting inventory levels and a lack of upcoming import arrivals.
Meanwhile, robust demand from the downstream plywood sector in southeast Asia, coupled with a growing demand from
In southeast Asia, end-users in the downstream plywood glue sector have more than doubled their production in view of the strong demand from
“Spot phenol prices will hit new highs in the second quarter thanks to the persistent tight supply,” a key regional trader said.
Key regional phenol producers include Mitsubishi Chemical, LG Chem and PTT Phenol.
($1 = €0.69)
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|
Asian Chemical Connections