28 June 2013 23:59 [Source: ICIS news]
The contracts were assessed on a free delivered (FD) northwest Europe (NWE) basis. Contract prices above and below the assessed range were also heard.
Q2 contract price outcomes were heard between a rollover and increases of €40/tonne. However, increases of €10-15/tonne were considered to be representative of average market movement.
Sources said the increases were based on higher feedstock costs rather than any changes in the supply-demand situation. Methanol quarterly contract prices have increased by €50/tonne since the end of 2012.
The assessed range for monthly acetic acid contracts was raised by €10/tonne over the first six months of the year, compared with an aggregate rise of €15/tonne for the quarterly contract price range.
The second quarter is usually peak season for many associated end-use applications, but the long winter, combined with continuing economic concerns in Europe, has undermined demand.
A producer said it has concluded most of its spot business for July at June price levels.
Spot prices for truck deliveries were assessed at €470-510/tonne FD NWE on Friday, while bulk cargoes were discussed recently at price levels close to €400/tonne delivered.
($1 = €0.77)
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