11 July 2012 21:15 [Source: ICIS news]
HOUSTON (ICIS)--US imports of epoxy resins in May increased by 22% year on year, the US International Trade Commission (ITC) said on Wednesday.
With less expensive material increasingly available from Asia and strong domestic demand, sources said the increase in imports was not unexpected.
Imports of epoxy resins were 8,665 tonnes during the month, up from 7,115 tonnes for the same month a year ago.
Month-on-month imports also increased, rising by 12% from 7,750 tonnes in April.
As assessed by ICIS, Asian material was more than 50 cents/lb ($1,102/tonne, €893/tonne) cheaper on average than US domestic product, not including shipping and duty costs.
Sources attributed the gap to cheaper feedstock costs in Asia, as well as lacklustre demand in the region.
On the export side, May volumes fell by 32% year on year to 10,355 tonnes, down from 15,126 tonnes for May 2011.
Month on month, US exports fell by 8.2% from 11,276 tonnes in April.
Major US producers of epoxy resins include Dow Chemical, Huntsman and Momentive.
($1 = €0.81)
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