June BPA contracts in Europe have been agreed at €930-1,050/tonne, up €30-50/tonne from May. Players concur that price increases are largely driven by gains in the benzene and phenol markets. Downstream demand is said to be improving. One buyer agrees that the bottom of the market has now been reached, while another source cites a seasonal pick-up in the epoxy resins market, albeit muted compared with previous years. Although export opportunities to Asia have helped to sustain buyer interest in May, both buyers and sellers agree that the arbitrage window has now effectively closed. Looking forward, producers are upbeat. As players scale back operations over the summer, both buyers and sellers feel that availability will tighten.