14 June 2013 23:59 [Source: ICIS news]
June MMA contract prices are at €1,750-1,770/tonne ($2,333-2,360/tonne) FD (free delivered) NWE (northwest Europe), and are €80/tonne below levels seen in the same month in 2012.
Prices are unchanged as market fundamentals were largely in line with May, buyers and sellers said.
Demand has been lower this year because of reduced confidence amid the economic downturn.
One consumer said it had agreed its June prices lower, as there was “much more material in the market than demand”.
While some buyers expect to see relatively stable demand in the first half of July ahead of the traditional summer lull, there is talk that prices next month will firm on supply shortages.
There are indications that there might be an unplanned outage at a major European MMA producer over the course of the next month, but this was unconfirmed.
“The market is balanced to tight, and has the potential to become short,” a seller said.
Spot prices are at €1,630-1,690/tonne FD NWE, and steady with values at the time of the settlement of the May contract price.
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($1 = €0.75)
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