07 December 2012 10:25 [Source: ICIS news]
LONDON (ICIS)--The European December acetone methyl methacrylate (MMA) contract price has been agreed at a reduction of €20/tonne ($26/tonne) following a drop in feedstock propylene and slightly softer demand, sources confirmed on Friday.
The December acetone MMA contract settled at €890/tonne ($1,156/tonne) FD (free delivered) NWE (northwest Europe).
A contract settler on the selling side confirmed that it gave more than the propylene decrease away, but it intends to increase its price in January.
The producer said: “I closed the MMA contract at €890/tonne. It will not hurt me in December and I will recover it January. Right now fair to do this”.
A major buyer of acetone for its MMA production said it accepted €890/tonne as its December contract price. The buyer said it felt that the current “flat” market situation warranted slightly more than the propylene reduction.
Meanwhile, in the acetone spot market, prices have eased a little this week as a result of some destocking.
A normally active acetone trader described the spot market as boring.
“Acetone is now boring in Europe because it's December. I heard €825-850/tonne free delivered but this does not make any sense. I hear somebody in the south of Germany had to empty their tank,” the trader said.
Most spot acetone assessments were either side of €850/tonne this week.
$1 = €0.77
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