22 February 2012 11:26 [Source: ICIS news]
Other manufacturers and buyers said that while price increases are likely in March amid soaring upstream ethylene figures, the rises being sought seem high.
Traders and buyers are especially bearish as demand in Europe is weak, with order levels 10–50% down on what they were at this time last year, depending on region – southern Europe being the most severely affected because of the eurozone debt crisis.
BASF had already announced €110/tonne price hikes across all three grades over the first two months of the year because of upstream ethylene cost increases, but buyers said they were able to negotiate much lower levels because of lacklustre buying interest.
Few players are willing to speculate on specific numbers for March increases until the ethylene contract has settled for the month.
January TEA contract prices were at €1,400–1,450/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.75)
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