17 May 2013 18:11 [Source: ICIS news]
LONDON (ICIS)--European cyclohexane (CX) spot prices soared above contract levels this week because of heavy buying interest from the US, sources said on Friday.
Spot prices were at up to €150/tonne ($192/tonne) above contract levels, several sources said.
The US buying interest was believed to be linked to production problems at a local producer, but this could not be confirmed at source.
Export consumption has tightened the CX market. Initially, this was only expected to last for one month, but some players are now forecasting that the US market will continue to consume from Europe until at least August.
Downstream demand in Europe, meanwhile, remains weak because of poor macroeconomic conditions.
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections