09 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European caprolactam (capro) December contracts have settled at a reduction of €35-40/tonne ($46-53/tonne) because of weak demand, buyers and sellers confirmed on Wednesday.
The price falls came despite a €52/tonne rise in the feedstock benzene December contract price.
Actual capro December price reductions varied depending on starting point, but €35-40/tonne was seen as representative for the bulk of the market.
Weak demand was the result of year-end destocking in order to lower working capital on balance sheets, coupled with poor macroeconomic conditions limiting consumer purchasing power.
Consumption had been expected to rebound in January because of the need to restock depleted inventories, but buying interest in Europe has not increased since the beginning of the new year.
December capro contract prices were agreed at €1,900-1,945/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.76)
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