22 June 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European naphtha solvent (C9) values softened by $50/tonne this week with the product coming in line with decreasing feedstock values.
Prices are assessed by ICIS at $1050-1070/tonne (€840-856/tonne) FOB (free on board) Rotterdam.
A source said prices have been lagging behind falls in feedstock values and there should be further softening next week.
It is understood that producers have been holding onto margins as they do not believe that price drops will increase buying.
The free delivered (FD) northwest Europe range remains unchanged from last week.
In the UK naphtha solvent market; prices eased by 1 pence/litre to be assessed at 64-66 pence/litre FD.
A source said that market participants were waiting on the sidelines to monitor feedstock prices and further decreases.
“There is still a week to go until we see July prices, and I think it will be a case of wait and see.”
Another source said there is some demand for naphtha solvent, however, the market is considered flat.
($1 = €0.80)
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