North American melamine seen steady
The North American melamine market was quiet with moving volumes consistent with slower summer business, sources said during the week ending 10 August.
Last week, third quarter (Q3) contract prices settled lower to the range of 94-97 cents/lb, down 7 cents/lb from Q2 as assessed by ICIS.
Buyers and sellers this week were keeping a wary eye on the volatile financial markets that reacted negatively to a ratings downgrade of US debt and fears that the economy could slip back into recession.
Methanol Holdings Trinidad Limited is understood to be in the middle of a turnaround of the urea and melamine production facilities at its ammonia/urea/melamine (AUM) complex in Point Lisas that began 25 July. The turnaround is expected to last for about 30 days, with production scheduled to resume during the week of 22 August, sources said.
Prices for urea were softening this week on economic insecurity and concerns of lower agricultural demand as a result of the drought in the southern US.
In Asia, melamine prices were assessed as stable with trading talked in the range of $1,500–1,550 CFR NE Asia.
In Europe, melamine spot prices were steady this week in a range of $1,600–1,750/tonne CIF European Main Port.
($1 = €0.70)
This week on ICIS ( www.icis.com ):
10/08/2011 19:01 ZAP to minimise melamine production to optimise fertiliser business
10/08/2011 18:11 Romania's Azomures Q2 net profit rises on stronger ferts
10/08/2011 13:00 New chemicals units worth Rup 8000 crore on cards for GSFC
04/08/2011 00:37 US Q3 melamine contracts fall 7% on weaker demand
28/07/2011 00:59 Europe Q3 melamine prices fall by €130-140/tonne
