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7th January 2014

Editor: Editorial Europe, editorial.europe@icis.com

Click for Price History Price Range One year ago US CTS/LB
FD NWE (BULK)DEC EUR/TONNE -30 1620-1640 -30 1610.00-1640.00 99.95-101.18

NOTE: for full details on the criteria ICIS pricing uses in making these price assessments visit www.icispricing.com and
click on methodology.

Europe January ECH price talks ongoing

Although major Chinese producers have kept their offers
The European epichlorohydrin (ECH) market is quiet as many unchanged at yuan (CNY) 11,500-12,000/tonne CFR CMP,

sources still have not returned from vacation, though players current weak demand is unable to support soaring prices,
who have already returned to their desks are currently market players said.
negotiating January prices and ideas currently range from a
China domestic prices have surged by 19% since end-
rollover to a 20/tonne increase, due to higher feedstock costs.
November, amid weak demand for downstream epoxy resins
In January, the European propylene contract price settled up in the year-end lull.
20/tonne to 1,130/tonne. One ECH producer said it had Market activity is expected to be subdued from one week
initially sought a 30/tonne increase on ECH, but did not find ahead of the Lunar New Year holiday, which falls from 31
any buy-side support as demand is low. It is now looking at a January to 7 February in China, as most downstream Chinese
20/tonne increase.
Another ECH producer also said it would be looking for a
epoxy resins plants would be shut during this period, market
sources said.
20/tonne increase, while a third producer said January will
probably settle at a rollover from December. Several market
sources said the market is currently fairly quiet as market Upstream
players slowly return to work and they do not expect January
Supply in the European propylene market last week was
price negotiations to take place in earnest until next week.
viewed as tight, following some strike-related stoppages, an
An ECH buyer said it cannot afford a price increase in January unplanned cracker outage in France, and a fresh focus on
as it has already settled its downstream prices and cannot lighter feedstock cracking by some producers. Demand was
pass on the higher costs. Nevertheless, it plans to raise its better than expected as players sought alternative supplies to
prices in February. cover the hiccups in supply amid a general restocking of
inventories. Additionally, unplanned supply constraints have
Looking ahead to February, two ECH producers indicated that hampered some producers' preparations to cover upcoming
due to several months of margin erosion which have led to maintenances.
significant losses, they will be seeking to sharply raise ECH

prices. Several players said they expect feedstock costs to rise

further in February and this could help support a sharp ECH Month Europe Propylene Contract FD NWE
price increase.
November 2013 1080/tonne
One producer said that a triple digit ECH price hike for
February may be likely as losses are running into millions of December 2013 1110/tonne
euros. Another said it plans to focus on margin recovery over January 2014 1130/tonne
market share.


China's domestic ECH spot prices are showing signs of Covering edtor: Iain Packham
stabilising as expected, after its four-week consecutive uptrend
came to a halt amid subdued trade.

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Epichlorohydrin (Europe)

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