10 September 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European epoxy resins contract prices have dropped by €45-80/tonne depending on grades because of weak demand and overseas competition, sources said on Tuesday.
Liquid epoxy resins contracts settled at €2,480-2,525/tonne ($3,307-3,367/tonne) FD (free delivered) NWE (northwest Europe), a drop of €45-50/tonne, while solid epoxy resins contract prices settled at €2,350-2,400/tonne FD NWE.
European producers have had to lower prices despite higher feedstock costs because they were concerned that they would lose further volumes to Asian importers.
Therefore, to maintain sales and keep competition at bay, European sellers slashed prices to match Asian offers.
According to market sources and ICIS data, imports now make up about 20-30% of the European epoxy resins market and if European producers keep prices higher than Asian offers, the proportion of imports can grow.
($1 = €0.75)
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