08 February 2013 09:56 [Source: ICIS news]
LONDON (ICIS)--INEOS has lifted its force majeure on vinyl acetate monomer (VAM) supplies from its Hull plant in the UK with immediate effect, a company spokesman said on Friday.
The INEOS spokesman had said on Monday that the Hull plant was operating, but did not comment at the time on whether force majeure was still in place.
INEOS declared force majeure on VAM supplies from the 300,000 tonne/year plant in late December, with customers being placed on supply allocation.
The company had said that the force majeure declaration was the result of a technical problem with a reactor, a buyer said in early January, and had indicated that the problem could take up to 40 days to resolve.
Market sources said that the impact of the lost production had not been too severe during January.
Contract price increases of €30-35/tonne have been concluded for some February contracts, with the INEOS outage cited as the primary driver.
European spot prices were assessed by ICIS on 1 February in the range of €840-860/tonne ($1,120-1,147/tonne) FD (free delivered) NWE (northwest Europe).
($1 = €0.75)
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