29 May 2012 15:55 [Source: ICIS news]
The June settlement was agreed at €914/tonne ($1,143/tonne) FD (free delivered) NWE (northwest Europe).
"Propylene came down by €125/tonne and it’s now the same price as February", a major producer said.
"The MMA contact in February was €898/tonne, but I can’t deviate from the C3 [propylene] price."
“The market is no longer tight, but it’s not long either. I see it as more in balance,” the produce concluded.
On the buying side, a major consumer confirmed that it had agreed its June MMA acetone contract at €914/tonne.
“I have accepted €914/tonne,” it said.
The buyer was hoping to achieve a reduction greater than €112/tonne, but since the market was balanced and offers of spot were not so attractive it settled at €914/tonne.
Both parties agreed that the trend for June moving into July was that the market would move from a balanced to long position, which in turn would see spot prices falling.
Spot acetone in
($1 = €0.80)
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