09 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European Adipic acid (ADA) December contract prices rose by €40/tonne ($53/tonne) from November because of rising upstream benzene costs, buyers and sellers said on Wednesday.
ADA price rises were limited by weak demand caused by year-end destocking and weak macroeconomic conditions.
The feedstock benzene December contract price increased by €52/tonne from November, meaning that downstream ADA margins – which were already weak prior to December – have been further squeezed.
The actual size of ADA contract price increases varied depending on starting point, but an increase of €40/tonne was seen as representative by the majority.
($1 = €0.76)
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