19 December 2013 15:07 [Source: ICIS news]
LONDON (ICIS)--Titanium dioxide (TiO2) EU imports from the rest of the world rose by 26% year on year in October, according to data from statistics agency Eurostat on Thursday.
The rise in imports came amid aggressive offers from North America.
North American TiO2 export volumes in October increased by more than 50% over the same month last year as domestic producers continued to look to overseas customers during a period of seasonally softer domestic demand, sources said on Thursday.
North American October exports totalled 51,570 tonnes versus 34,352 tonnes in October 2012, with about 33%, or 17,047 tonnes, of that total going to Belgium, according to US International Trade Commission (ITC) data released this week.
Year on year, Belgium nearly quadrupled its purchase of US-based material. Coupled with this, throughout October, Asian TiO2 prices were trading at significantly below European prices, and some sources at the time had speculated that this would lead to higher imports.
On 4 October, Asian TiO2 prices were trading at a euro equivalent of €1,935-2,227/tonne CFR (cost and freight) Asia, while European prices were at €2,350-2,500/tonne FD (free delivered) NWE (northwest Europe). The exchange rate at the time was $1 to €0.73.
TiO2 exports from the EU in October saw a marginal 3% rise year on year.
EU TiO2 import and export data by Eurostat (units: tonnes)
% change year on year
Eurostat import/export data is subject to revision as more detailed information becomes available.
($1 = €0.73)
Additional reporting by Larry Terry
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