12 July 2011 21:02 [Source: ICIS news]
HOUSTON (ICIS)--US exports of epoxy resins fell by 24% month on month, according to data released on Tuesday by the US International Trade Commission (ITC).
US exports were 15,126 tonnes in May 2011, down from 19,960 tonnes in April 2011. Year-on-year exports also fell, by 19% from 18,777 tonnes in May 2010.
The biggest factor pushing exports of epoxy resins down was the gap in spot prices between the US and Asia.
At the start of May 2011, Asian spot prices for liquid epoxy resins were 5 cents/lb ($110/tonne, €78/tonne) higher, as assessed by ICIS. At the end of the month, US prices were 8–9 cents/lb higher.
Higher feedstock costs and tight supply were the main drivers behind US prices increasing during the month.
The surge in US prices made material less attractive to overseas buyers, which also pushed US buyers to import more material.
US imports of epoxy resins were 7,115 tonnes in May 2011, up 16% month on month from 6,149 tonnes in April 2010.
Year-on-year imports fell, however, from 8,341 tonnes in May 2010, down by 15%.
Major US producers of epoxy resins are Dow Chemical, Huntsman and Momentive.
($1 = €0.71)
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