12 October 2012 23:59 [Source: ICIS news]
The contracts were concluded on a free delivered (FD) northwest Europe (NWE) basis.
The increases were necessary to take account of slight increases in producers' costs, sources said. All accounts with monthly pricing received either rollovers or modest hikes.
Celanese had announced a €30/tonne increase for European customers with effect from 1 October, but increases of this size were not confirmed on the buy side.
Market participants described a well-supplied market, and did not expect conditions to change significantly before the end of the year.
Demand for downstream vinyl acetate monomer (VAM) is lacklustre, and is not thought likely to improve during the fourth quarter.
No changes in the spot market were heard this week, and prices for truck delivery were assessed stable at €500-520/tonne FD NWE.
Spot prices for bulk cargoes were heard steady in the mid-€400s/tonne FD NWE.
Buyers have little need to venture into the spot market at present, as they are able to cover their requirements through contractual volumes.
Third-quarter contracts were assessed last week at €430-520/tonne FD NWE, down by €10/tonne at the high end of the range.
ICIS introduced a monthly contract price assessment in March 2012. Substantial quantities of acetic acid continue to be sold on quarterly contracts.
($1 = €0.77)
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