24 March 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--The European March caprolactam contract price has increased by €40/tonne ($54/tonne) largely on the back of tight supply, buyers and sellers said on Wednesday.
“We closed something quick for March and got an increase of €20/tonne, but we are now getting twice the benzene,” a major caprolactam producer said.
The upstream March benzene contract price settled at €741/tonne FOB (free on board) NWE (northwest ?xml:namespace>
The caprolactam contract typically mirrors price developments in the benzene market, but owing to a lack of availability and the competitive stance of Asian buyers, European producers have sought higher prices in March.
The March caprolactam pre-discounted contract price settled at €2,030-2,086/tonne FD (free delivered) NWE, according to data from global chemical market intelligence service ICIS pricing.
One caprolactam producer said that it was pushing for a March increase of up to €90/tonne, while others reported increases ranging between €40-70/tonne.
A major caprolactam buyer in
A second large European buyer said that on average its caprolactam contract price increased by €35/tonne in March. “We settled at an increase more than €20/tonne - it was more like plus €35/tonne.”
He added: “The market is tough, it’s highly tight. For March we have been able to minimise the increase but for spot it’s terrible - our offer for spot in Europe is the same as
Spot caprolactam in Asia continued to firm this week, with prices in
($1 = €0.74)
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