09 November 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European vinyl acetate monomer (VAM) November contract prices have settled in the range of €850–875/tonne ($1,090–1,122/tonne), down by €15–20/tonne from October, sources said on Friday.
The contracts were concluded on a free delivered (FD) northwest Europe (NWE) basis.
VAM availability remains good on lacklustre demand and normal production rates.
The market is likely to remain well-supplied for the rest of the year, as participants traditionally destock to begin the holiday season with minimal inventories.
The €15/tonne decrease in the November ethylene contract also exerted downward pressure on VAM price negotiations.
ICIS introduced the monthly contract price assessment for VAM in March 2012. Some VAM contracts continue to be priced on a quarterly basis.
Sources said that spot prices are still on a downward trend, and this was reflected in the narrowing of the assessed range to €830-860/tonne FD NWE.
($1 = €0.78)
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