06 August 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European polybutylene terephthalate (PBT) third quarter contract prices have settled at a rollover from the second quarter, buyers and sellers said on Tuesday. This is because demand from the downstream automotive sector has mitigated the negative impact of the summer holiday shutdowns on consumption.
Several sources in recent weeks said demand in the third quarter is stable compared with the second quarter because of continued orders from customers in the car sector, especially in Germany where premium car makers cancelled summer shutdowns to meet demand for cars in Asia and North America.
Most buyers agreed to rollovers because they expected demand to be steady in the third quarter. One distributor, though, said it has achieved a price reduction of €0.10/kg ($0.13/kg) as its supplier was looking to destock ahead of the summer holidays.
A buyer said it received a reduction of €0.05/kg from second quarter prices which it attributed to weak demand. The buyer said it expected a 10% fall in demand in the third quarter versus the second quarter because of the summer holidays and the poor macroeconomic environment.
Third quarter filled PBT contract prices settled at a pre-discounted level of €3.15-3.16/kg FD (free delivered) NWE (northwest Europe).
($1 = €0.75)
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