05 October 2012 23:59 [Source: ICIS news]
The contracts were assessed on a free delivered (FD) northwest Europe (NWE) basis.
Market sources indicated that most third-quarter contracts were concluded at price levels close to those agreed for the second quarter.
Many contracts were rolled over, while others were settled at modest increases or decreases, depending on individual contract terms.
Many October contracts are still under negotiation. Some firming in prices has been noted, but sources disagreed on whether this is due to improved demand or the need to cover rising production costs.
A producer and a reseller noted that margins for European producers are now quite thin.
Celanese previously announced a €30/tonne increase in its list and off-list selling prices for acetic acid in Europe with effect from 1 October, or as contracts allowed.
The spot market remains well-supplied, and demand was widely described as stable, although producers said they had seen some increase in buying interest.
Traders said there was little opportunity for imports into Europe, as buyers' needs are largely covered by contractual volumes.
No spot prices for truck delivery were heard below €500/tonne FD NWE, and the assessed range was adjusted up by €10/tonne at the low end to €500¬–520/tonne FD NWE.
Bulk spot prices were heard in the low-to-mid-€400s/tonne FD NWE.
($1 = €0.77)
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