12 November 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European epoxy resins November price settled €20-60/tonne below October on Tuesday, reflecting lower feedstock costs, seasonally lower demand and strong competition from cheap Asian imports.
On average, the price was assessed to have fallen by €40/tonne ($53/tonne). Nevertheless, prices also rolled over while others were said to have fallen by as much as €90/tonne, but these movements were unconfirmed and not considered representative of the assessed range.
The market is said to be very long as a result of structural overcapacity, an influx of cheap Asian imports and falling demand in the seasonally quieter last part of the year.
Demand is expected to remain at low levels throughout December as market players seek to reduce inventory levels in line with year-end targets.
Sources said producers are trying hard to sell their production and this could push prices down in December. As a result, a December price increase seems unlikely.
($1 = €0.75)
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