23 November 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--November polyvinyl chloride (PVC) contract prices in ?xml:namespace>
This puts the November contract price ranges at €930-980/tonne FD (free delivered) NWE (northwest Europe) and €855-955/tonne FD Mediterranean.
Decreases of £10/tonne were heard in the
Some November contract discussions are still ongoing, pending settlement of the December ethylene feedstock contract price.
A fall of €10/tonne was needed to offset the €15/tonne fall in the November ethylene contract price, but buyers pressed for more because of low demand caused by the weakening economy and the approach of year-end. Producers had initially targeted rollovers to improve thin margins.
Some sellers said they had limited falls to €10/tonne. Decreases were heard of up to €30tonne in the Mediterranean and up to €40/tonne in northwest Europe, but reductions as great as this were not widely confirmed.
"Finally, and due to the low demand levels, we [have] been obliged to reduce more than we expected the prices for November," said a producer. "We are decreasing between €10/tonne and, in some very special cases, up to €20/tonne, so the average could be around €15/tonne."
A buyer said demand was slow and that it believes there will be further drops in December.($1 = €0.78, €1 = £0.81)
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