10 December 2012 10:59 [Source: ICIS news]
LONDON (ICIS)--Spot prices for European naphtha solvent have decreased by €30/tonne ($38/tonne) on a FD (free delivered) NWE (northwest Europe) basis, as low demand and softer feedstock values put downward pressure on prices, source said late on Friday.
Spot prices for naphtha solvent were assessed at €920-950/tonne FD NWE, with decreases in the UK FD market also seen this week, with values at 67-69 pence/litre FD, a decrease of 1-2 pence/litre.
A distributor said December was expected to be a very quiet month.
“Our tanker fleet will not be going anywhere soon,” the distributor said.
Despite some market participants expecting a rollover of prices from November to December, the combination of low demand and softer feedstock values has contributed to price decreases.
A producer said feedstock values had come down and agreed demand was limited.
The European naphtha market remains oversupplied, with a slight improvement in demand early last week short-lived and insufficient to eat into the surplus.
($1 = €0.78)
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