South Korea will increase exports of liquid epoxy resins to the EU

According to reports, industry sources said on Monday that Korean producers will increase their exports of liquid epoxy resins to Europe because they enjoy zero tariff preferences on exports from Europe starting on July 1. The EU and South Korea have established free trade agreements since July 1. With effect, South Korea's export of liquid epoxy resin to the EU will impose an import duty of 6.5%.

On the other hand, spot prices of liquid epoxy resins in Asia continued to fall due to falling raw material prices and weak Chinese market demand, causing manufacturers to demand more exports, market participants said. According to ICIS, on July 5, the price of containerized liquid epoxy resin was closed at USD 3,150-3,250/tonne FOB Northeast Asia, which fell by USD 100/ton from the previous week.

During the same period, the price of epichlorohydrin (ECH), a raw material for the production of epoxy resins, fell by US$20/tonne to US$1,880-2,050/tonne CFR China main port (jumbo tanks), while the other raw material was bisphenol A ( BPA) prices fell by 30 US dollars / ton to 2000-2030 US dollars / ton CFR Northeast Asia. At the same time, prices in Europe are falling because of ample supply. The EU liquid epoxy resin spot price is currently quoted at 2,800 euros/ton FD Northwest Europe.