17 March 2008 23:59 [Source: ICIS news]
LONDON (ICIS news)--Following a wave of lengthy discussions, first quarter acetic acid contracts were settled at a rollover from fourth quarter levels at €997-1,056/tonne amid healthy availability, buyers and sellers said on Friday.
The contracts were agreed on an FD (free delivered) NWE (northwest ?xml:namespace>
Sellers initially sought increases of €100/tonne ($154/tonne) but this was met with fierce resistance from buyers who rejected such hikes.
A growing availability in the market had helped quash sellers’ bullish approach, with consumers reporting no difficulty in obtaining volumes and noting good import opportunities from
Furthermore, a softening in upstream methanol spot prices rendered targeted price announcements unrealistic, they argued.
Although sellers reported achieving marginal increases on a few accounts, of which exact figures were not disclosed, they admitted that it was difficult to conclude at levels above a rollover.
In turn, a few buyers also said they were able to obtain decreases ranging from €20-40/tonne, although these were not considered a fair reflection of business on the whole.
($1 = €0.65)
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