08 May 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European caprolactam (capro) April contract prices have settled at a reduction of €20-30/tonne ($26-39/tonne), buyers and sellers said on Wednesday.
The settlement was a compromise. Buyers had been targeting the full April benzene contract price reduction of €62/tonne, while producers had been aiming for a rollover to improve margins.
Weak demand prevented producers from securing a rollover in April. Consumption is low because of poor macroeconomic conditions which have limited consumer purchasing power.
Buyers could not secure the full April benzene reduction once rising benzene spot values throughout April made it apparent that the May benzene contract price would reverse the reduction seen in April.
The May benzene contract price increased €64/tonne compared with April.
The April capro contract finalised at €1,910-1,940/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.76)
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