24 October 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--Semi-refined paraffin wax prices have declined €10/tonne ($13/tonne) this week because of low demand, market sources said on Wednesday.
The fall marks the second consecutive week of decline, following the same price reduction last week.
Suppliers and traders talk of disappointing offtake during what is traditionally the high demand season.
Offtake was expected to be good leading up to Halloween and All Saints’ Day, but it remains disappointing and declining steadily, an eastern European producer said.
A trader mirrored these sentiments, adding: “It is unusual that demand is down, because they used to purchase a lot.”
The trader believed that the reduced demand could be a reflection of wider global economic uncertainty.
Semi-refined paraffin wax prices were assessed down €10/tonne to €840-860/tonne CPT (carriage paid to) Poland/Belarus border this week by ICIS.
($1 = €0.77)
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