04 June 2010 17:26 [Source: ICIS news]
LONDON (ICIS news)--Vinyl acetate monomer (VAM) spot prices rose another €20-30/tonne ($24-37/tonne) this week on the back of supply constraints, buyers and sellers said on Friday.
INEOS declared force majeure on VAM supplies out of its 300,000 tonne/year unit at Hull, UK, on 27 May. While all other suppliers were able to fulfil all contractual obligations, there were few able to offer on the spot market.
There was confirmation of spot business between €800-830/tonne FD (free delivered) NWE (northwest ?xml:namespace>
By the end of the week, most sources agreed €850/tonne FD NWE was also indicative of sentiment in the firming market.
“These prices are so notional, but it is firmer,” a customer said.
A seller said: “Prices will go further for sure, there are bound to be more buyers that need to buy from the spot market.“
The INEOS unit was currently expected to be back on line in the second half of June.
($1 = €0.82)
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