31 May 2013 17:47 [Source: ICIS news]
A drop of €10/tonne ($13/tonne) for acetone was attributed to ongoing slow demand and some competitive producer and trader prices. Spot prices now stand at €880-930/tonne FD (free delivered) NWE (northwest Europe).
“There is no need to go in market with those low numbers,” one trader said, who added it was struggling to sell at €930/tonne FD NWE.
Low prices were heard in southern Germany and southern Europe, with sources suggesting that a couple of producers were offering low numbers to secure volumes.
Several sources said that they did not think the higher propylene level would push up spot prices, although some did say it would stop any further weakening.
Despite a planned maintenance outage at INEOS Phenol’s Antwerp, Belgium plant from mid-May to mid-June, the acetone market was balanced.
One trader said: “I had expected the outage to have a greater impact on the market.”
Demand overall into solvents markets is slow and below the levels to be expected for the time of year. Some sources thought that demand into the coatings industry might grow in June as the weather improved.
Market players were still waiting for the European May acetone methyl methacrylate (MMA) contract to settle for June.
($1 = €0.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections