12 April 2013 14:51 [Source: ICIS news]
LONDON (ICIS)--Methyl methacrylate (MMA) spot prices in Europe have increased by €50-70/tonne ($66-92/tonne) week on week, on cost recovery, sources said on Friday.
“Given the costs on the producers’ side, people are prepared to pay higher prices,” one producer said.
Buyers and sellers agreed spot is now trading at €1,640-1,700/tonne FD (free delivered) NWE (northwest Europe), although demand remains slow for the time of year.
April usually sees healthy demand from the coatings sector, but offtake has been hampered by weak macroeconomic conditions and poor weather across Europe.
“I am not really sure what is pushing the prices up,” one trader said. “The material is not tight and demand is still very slow.”
Another trader said sellers have been needing to get prices higher for some time as margins have been squeezed.
One MMA consumer previously said: “The issue still, of course, is about what is coming in [to Europe] in the way of imports. Imports from Brazil are coming in, but at higher prices. I think April and May will be a little bit tighter.”
Spot prices have increased by €100-140/tonne since the beginning of the year.
($1 = €0.76)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections