10 August 2012 20:29 [Source: ICIS news]
HOUSTON (ICIS)--US June year-on-year epoxy resins export volumes fell, while import volumes rose, according to data obtained from the US International Trade Commission (ITC) on Friday.
US June epoxy resins exports fell by 26% year on year, to 11,150 tonnes from 15,144 tonnes for the same month a year ago.
Meanwhile, June import volumes increased by 17%, to 8,617 tonnes from 7,352 tonnes.
Sources said the narrowing of the gap is to be expected, as US buyers continue to increase their import volumes because of cheaper prices.
According to ICIS, imported material was between 5.5-12.5 cents/lb ($121-276/tonne, €98-223/tonne) cheaper than domestic material.
Sources attributed the price gap to higher feedstock costs for US material, as well as weak demand in Asia creating excess material for traders and importers to sell in the US.
However, US producers said demand was strong throughout the month and that they were able to run close to full-out despite the increase in import competition.
Month on month, exports increased by 7.7% from 10,355 tonnes in May 2012, while imports fell by 0.6% from 8,665 tonnes.
Major US epoxy resins producers include Dow Chemical, Huntsman and Momentive.
($1 = €0.81)
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