30 November 2011 08:17 [Source: ICIS news]
Downstream producers are reluctant to purchase cargoes because of cash strains and weak demand from end-users, causing several importers to continue lowering their prices to increase their margins, the sources added.
Phenol prices fell to yuan (CNY) 8,500-8,600/tonne ($1,332-1,348/tonne) ex-tank east
The phenol prices continued to fall because buyers halted their purchasing activities. However, the prices rebounded briefly at the end of October as buyers purchased additional volumes at the lower prices, an industry source said.
Acetone prices fell to CNY7,000/tonne ex-tank east
The buying interest for acetone has been weak because some downstream producers were forced to shut or lower the production at their plants, according to a trader based in east
Some sellers sold their stock at lower prices to maintain their margins and minimise their losses, leading major traders to lower their prices, a second trader based in east
BPA prices fell by 38% from CNY16,900-17,000/tonne ex-tank in mid-September to CNY10,500-10,600/tonne ex-tank east
BPA imports to
Most market players are adopting a cautious stance towards the outlook of the phenol, acetone and BPA markets as demand is unlikely to pick up during the traditional year-end lull period, a fourth east China-based trader said.
Both sellers and buyers need to recover their margins in the coming weeks as the European debt crisis and lukewarm overseas demand is weakening the sentiment for all three markets, an industry source said.
($1 = CNY6.38)
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