19 November 2008 22:08 [Source: ICIS news]
HOUSTON (ICIS news)--Fourth-quarter contracts for US vinyl acetate monomer (VAM) have settled down at least 5-6 cents/lb ($110-132/tonne or €87-104/tonne), buyers and sellers said on Wednesday.
Sources confirmed settlement ranges of 61-66 cents/lb and free on board (FOB) export prices at $1,150-$1,250/tonne, though one buyer had heard somewhat lower settlements. Buyers said the cuts were expected due to recent reductions in the price of feedstock ethylene and acetic acid - particularly acetic acid, which has seen large declines in China and Europe in recent weeks.
VAM sources said small to mid-size customers received cuts of 2-4 cents/lb and larger customers won 5-6 cent discounts or more. One large buyer had not settled yet and was looking for a larger reduction but would not offer specifics.
US VAM producers include Celanese, Dow Chemical, DuPont and LyondellBasell.
($1 = €0.79)
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