25 October 2010 07:40 [Source: ICIS news]
SINGAPORE (ICIS)--Asian adipic acid October contracts have risen by $50/tonne from September at $2,450-2,600/tonne (€1,764-1,872/tonne) as a result of snug supply and healthy demand, buyers and sellers said on Monday.
A few big consumers settled prices down to $2,400s/tonne CFR (cost and freight) NE (northeast) Asia for October contract but suppliers maintained contract prices at $2,500-2,600/tonne CFR NE Asia.
September's contracts had settled at $2,450-2,550/tonne CFR NE Asia.
Some contracts were concluded at a much lower price based on a combination of feedstock benzene costs and the average of spot values from the previous month. However, this was considered an exception rather than the norm, said market players.
November contract discussions had just kicked off and were likely to be concluded at higher levels due to the increase of spot prices this month, buyers and sellers said.
Adipic acid is used to make nylon 6,6 and polyurethane (PU).
($1 = €0.71)
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