13 May 2011 23:59 [Source: ICIS news]
LONDON (ICIS)--European May bisphenol A (BPA) contract prices rolled over due to unchanged supply and demand dynamics and balanced raw material cost movements, industry sources said on Friday.
Final settlements were reported in the range of €1,900-2,000/tonne ($2,714-2,857/tonne) FD (free delivered) NWE (northwest Europe).
Formula related contracts rolled over or decreased. However, sources were not able to disclose the levels at which they had agreed.
With BPA market fundamentals unchanged from April, a major producer said: “The market’s very tight and pricing is at a high level. Raw material prices came down, then went up and there is no real change from April.”
Upstream from BPA, the May European benzene contract was agreed at €889/tonne FOB (free on board) NWE, up €29/tonne from April’s contract which settled down €141/tonne from the previous month.
The European May acetone methyl methacrylate (MMA) contract price settled at a record high of €1,024/tonne, up €33/tonne from April, driven by rising propylene (C3) costs which went up by €35/tonne in May, and ongoing market tightness.
Buyers said that BPA availability has improved and that spot prices have come down to €1,850-1,900/tonne FD NWE. Spot has been valued as high as €2,100/tonne FD NWE in the last month.
Downstream polycarbonate producers are targeting €300/tonne increases in May because of tight supply and strong demand.
European May epoxy resin contracts rolled over on the back of a balanced market and little feedstock pressure.
($1 = €0.70)
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