02 April 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European nylon 6 March contracts have finalised at a rollover, buyers and sellers confirmed on Tuesday.
The rollover came despite an increase of €14/tonne ($18/tonne) in the upstream benzene March contract price. Stable pricing was attributed to weak demand and oversupply.
A minority of sellers said that they had achieved a price increase in line with the benzene price rise, but their price ideas remained within the February contract price range.
Low demand is the result of poor macroeconomic conditions, which have reduced consumer purchasing power.
Nevertheless, consumption levels are divided, depending on end-use application and customer base. Premium automotive demand remains strong because of exports to Asia, caused by upward social mobility in the region. Non-premium automotive demand remains week, with buying interest in April estimated at approximately 20-25% below the same month in 2012, according to market estimates.
New registrations for commercial vehicles in the EU continued to decline in February, according to data from the European Automobile Manufacturers’ Association (ACEA) on Wednesday. In February, demand for new commercial vehicle registrations was down for the 14th consecutive month in the EU, dropping to 109,331 units, a fall of 13.3% compared with the same month the year before.
New passenger car registrations in the EU fell by 10.5% year-on-year in February 2013, according to ACEA statistics.
Fibre consumption remains weak.
Virgin polymer nylon 6 March contracts settled at €2.10-2.22/kg FD (free delivered) NWE (northwest Europe).($1 =€0.78)
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