02 September 2011 23:59 [Source: ICIS news]
LONDON (ICIS)--The September European phenol contract price has decreased by €67/tonne following the same drop in the cost of feedstock benzene, market participants confirmed on Friday.
September phenol settled on a pre-discounted basis at €1,363–1,403/tonne ($1,947–2,004/tonne) FD (free delivered) NWE (northwest ?xml:namespace>
“Our contract price has moved with benzene. We can get all the volume we need and our demand is steady,” confirmed a major phenol buyer.
Another buyer also confirmed that its phenol contract mirrored price developments in the benzene market.
“Prices are down for contract by €67/tonne, in line for benzene because all contracts are formula.”
In relation to the current supply-and-demand balance of phenol in
INEOS Phenol lifted force majeure on phenol on 22 August after its feedstock suppliers ended their declarations on cumene. The company declared force majeure on phenol production at its facilities in
On the selling side, phenol suppliers said demand was strong.
One said: “I have seen no decline in our demand for phenol, and we are pretty much sold out but this might be because
Meanwhile, in the phenolic resins sector, a resin producer said its order books for September and October were looking very strong for the construction sector.
Phenol contracts in
($1 = €0.70)
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