07 February 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European February epoxy resins contract prices have increased by €90-130/tonne ($118-171/tonne) because of higher feedstock costs, market sources said on Tuesday.
Liquid epoxy resin (LER) February contract prices settled at €2,380-2,450/tonne FD (Free Delivered) NWE (northwest Europe), an increase of €100-130/tonne. Solid epoxy resins February prices are at €2,490-2,600/tonne FD NWE, an increase of €90-130/tonne.
Producers were pushing to raise prices even further, in line with rising feedstock costs, but buyers said the targeted €175-200/tonne increases were too high.
"I did not accept the proposed €2,500/tonne [FD NWE] price level because it was far too high. In the end, my supplier came back with a lower offer," said a buyer.
Manufacturers said that demand has increased and sales volumes looked promising for February and March, although it was not clear why. Some thought it was purely because of restocking and pre-buying, while others said buyers were becoming more optimistic.
"If downstream markets performed poorly and consumers were really struggling, they would not be purchasing extra material which they are in fact doing," said one producer.
Follow Janos Gal on Twitter for tweets on the epoxy resins market
($1 = €0.76)
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