03 July 2012 11:57 [Source: ICIS news]
LONDON (ICIS)--The July European acetone methyl methacrylate (MMA) contract price has been agreed down by €136/tonne from the previous month, following the €170/tonne drop in July propylene, market sources said on Tuesday.
The July acetone MMA settlement was agreed at €778/tonne ($985/tonne) on a free delivered (FD) northwest Europe (NWE) basis. A major supplier of acetone in Europe said contract negotiations had been “very difficult”.
Producers and consumers' interpretations of the balance of the European acetone market were quite different and this had resulted in a tough round of contract price discussions.
One producer said: “Uncertainty about the length of the market has made negotiations very difficult this month. Uncertainty about how long and tight the market really is caused different views.”
The producer said its demand was good and failed to see the length in the market that buyers were talking about.
Meanwhile, a major consumer confirmed that it agreed its acetone MMA contract price for July at €778/tonne FD NWE.
The buyer said that although it did not share the view of its suppliers in terms of the balance of acetone in Europe it “reluctantly” accepted the July contract price.
($1 = €0.79)
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