10 May 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--Freely negotiated bisphenol A (BPA) prices for May have dropped by €70-80/tonne in Europe because of intense competition from Russia and Asia, sources said on Friday.
The May freely negotiated contract price is €1,580-1,600/tonne ($2,052-2,078/tonne) free delivered (FD) northwest Europe (NWE).
Although feedstock costs are high and formula contract prices have not dropped, some lower-priced material emerged from Russia and South Korea in recent weeks. May formula contract prices are around €1,700/tonne FD NWE, depending on formulas used.
Buyers have been swamped with offers from overseas sellers which are keen to offload stocks. The only barrier to buying more imported BPA is the distance between buyer and seller and the time it takes for the material to arrive.
One trader said that producers have been targeting increases for May, but those have been rebuffed and they settled at a rollover. Producers in Europe would rather cut operating rates and not produce than sell at a loss, it added.
($1 = €0.77)
Follow Janos Gal on Twitter
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections