21 December 2012 17:41 [Source: ICIS news]
tHOUSTON (ICIS)--US December methyl methacrylate (MMA) contract prices increased by 1.3% on the back of higher feedstock costs, sources said Friday.
ICIS-assessed contracts increased by 1.5 cents/lb ($33/tonne, €25/tonne), putting prices at $1.12-117/lb DEL railcar (delivered via railcar).
November prices were assessed at $1.105-1.155/lb DEL railcar.
“A lot of folks aren’t doing a lot of buying,” a buyer said. “And supply is ample, so there’s no reason for prices to move higher.”
Producers had nominated price increases of 3-5 cents/lb, but sources said the nominations met resistance.
“Even though people have nominated price increases, they’ve been very soft,” a producer said. “Producers were chasing limited volumes anyways.”
The producer added that it is optimistic that some of the pent-up price increase nominations from November and December will stick in January.
Buyers were mixed about the prospect, with some expecting a strong start demand-wise to the year.
Others emphasized that supply is still long and that concerns about the health of the US economy could prevent serious restocking.
Sources agreed that feedstocks could also be a concern. November acetone prices gained 4.5 cents/lb and could move higher in January on continued supply tightness.
Major US MMA producers include Dow Chemical, Evonik and Lucite.
($1 = €0.76)
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