16 August 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European acetic acid August contract prices were assessed by ICIS on Friday at €405-450/tonne ($540-600/tonne), down by €5/tonne at the low end from July.
The contracts were concluded on a free delivered (FD) northwest Europe (NWE) basis.
Producers had indicated August contract price outcomes at rollovers and reductions of €5/tonne.
A buyer said it had secured a small price decrease from one of its suppliers for August. The source also said it had agreed rollovers for its Q3 contract prices in the low-to-mid-€400s/tonne FD. The buyer noted that availability is good.
A second buyer said it is too early to begin negotiations for Q3 contracts, but it expects prices to be unchanged from the second quarter. The source described a quiet market this week.
The lowering of the assessed contract range for August brought the low end closer to the spot price ideas for bulk cargoes of €390-400/tonne delivered that were indicated by a reseller this week.
The assessed spot price range for truck deliveries was stable at €460-500/tonne FD NWE.
The market remains well-supplied with lacklustre demand. There was little spot activity this week on account of public holidays across most of Europe.
($1 = €0.75)
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