Asia MEK prices rise by $30/tonne amid higher feedstock cost

24 February 2012 07:10  [Source: ICIS news]

SINGAPORE (ICIS)--Asia methyl ethyl ketone (MEK) prices rose by $30/tonne(€23/tonne) on the back of higher feedstock prices, although demand did not recover as well as expected, industry sources said.

MEK prices were assessed at $1,350-1,380/tonne CFR (cost & freight) SE (southeast) Asia in the week ended 24 February from last week, according to ICIS.

Sellers firmed their offers supported by high naphtha costs and the expected seasonal improvement in March or April; hence, buyers had to give higher bids to secure cargoes.

“Crude and naphtha prices are too high, so we could not lower prices,” a northeast Asia producer said.

Sporadic offers were said to be at $1,380-1,400/tonne CFR Korea against buying ideas were at around $1,350/tonne CFR Korea.

Some bulk deals were said to be done at $1,350-1,380/tonne CFR Korea this week, a producer said.

In southeast Asia market, prices also rose by $20-30/tonne to $1,350-1,400/tonne CFR SE Asia to reflect deals heard in the market, according to ICIS.

However, consumer demand has yet to show significant improvement in Asia, therefore, some buyers are still consuming their inventory.

($1 = €0.75)

By: Judith Wang
+65 6780 4359

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