03 May 2011 16:47 [Source: ICIS news]
LONDON (ICIS)--The European May acetone methyl methacrylate (MMA) contract price has settled at a record high of €1,024/tonne ($1,528/tonne), up €33/tonne from April, driven by rising propylene (C3) costs and ongoing market tightness, a major producer and a consumer said on Tuesday.
The acetone MMA contract was settled on an FD (free delivered) NWE (northwest Europe) basis.
“I can confirm that I have accepted the proposal of a supplier to increase by €33 to €1,024/tonne on a net basis,” the consumer said.
The consumer said the increase was accepted for two reasons: a hike in propylene prices and perceived tightness of acetone in reaction to current maintenance shutdowns and others set to follow during the next few weeks.
The producer also cited market tightness as one of the main reasons for the €33/tonne price increase.
“Acetone is still tight and will remain tight for some time. Although availability is a bit better than past months, it is my opinion that this is mainly because of incidental issues,” he said.
However, the producer sees the alleviation in availability to be short-lived and expects to see the market encountering the “same poor availability” as in previous months because of various planned shutdowns in ?xml:namespace>
“Prices in the
Outages planned in Europe during spring and summer include Madrid-headquartered CEPSA Quimica’s shutdown of Line No 3 in
Caprolactam (capro) producer Domo Chemicals will have a planned turnaround at its plant in
Rome-headquartered Polimeri Europa will have a planned shutdown at its Mantova facility in northern
French chemicals company Novapex will have a planned shutdown at its facility in Roussillon, southeast
Global producer INEOS Phenol will shut its
Acetone spot prices in
In southern Europe, particularly
($1 = €0.67)
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