17 May 2013 23:59 [Source: ICIS news]
The contracts were concluded on a free delivered (FD) northwest Europe (NWE) basis.
Sources indicated that May prices were concluded at rollovers and modest increases. The slight upward pressure was explained in terms of ongoing planned shutdowns and firmer upstream methanol prices.
One producer said its prices had risen by a combined average of €10/tonne over April and May, with €410/tonne now established as a floor price.
Another producer said its prices had increased by €10/tonne on average for May, to above €410/tonne. The source said that a slight uptick in offtake was driven by supply concerns and not by increased downstream demand.
Buyers said their contract prices had rolled over for May in the low €400s/tonne. One said it had been offered extra tonnes, but had declined them as its requirements were fully covered.
A third seller said it had seen stronger demand for bulk parcels from late April onward. The source said it had been able to raise its spot prices by at least €25/tonne compared with the first quarter.
A reseller said it had not been involved in the spot market recently, but price ideas for bulk tonnes were close to €400/tonne on a delivered basis. This was below previous indications for bulk cargoes at €430-440/tonne delivered.
Spot prices for truck delivery were assessed stable in the range of €480-505/tonne FD NWE.
Looking ahead, Celanese announced this week that it intends to increase its list and off-list acetic acid prices by €75/tonne with immediate effect, or as contracts allow.
($1 = €0.78)
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