European BPA contract prices have rolled over for February settling at an assessed range of €890-1,000/tonne ($1,130-1,270/tonne). The rollover, on a free delivered (FD) northwest Europe basis, had largely been expected by marke participants. While the stabilisation of upstream markets such as benzene and phenol had improved general sentiment in the BPA market, many remained cautious about a full scale recovery. “It is a matter of perspective,” said one major producer. “Month on month, the situation is improving, but compared to where the market was in the first quarter of 2008 we are still significantly down.” Many sources pointed to the upturn in Asian BPA prices as an indication that the bottom of the downward spiral had been reached. However, downstream demand in Europe remained soft, and both buyers and sellers agreed that an improvement in buying interest would be crucial for the market to fully recover. Nevertheless, the majority of market players believed that tightening supply as well as the firming of upstream markets would lead to marginal price increases for March.