20 August 2013 22:07 [Source: ICIS news]
LONDON (ICIS)--European acetic acid Q3 contract prices should settle at a minimum level of a rollover, a producer said on Tuesday.
This was in line with outcomes and expectations heard from other market participants in recent weeks.
The producer said it did not foresee any significant improvements in demand for acetic acid, but felt that global market fundamentals justified a rollover or a slight increase for Q3 contracts.
Second-quarter contracts were assessed by ICIS at €445-525/tonne ($593-700/tonne) FD (free delivered) NWE (northwest Europe).
Another producer had previously indicated that all of its Q3 contracts so far had been agreed at a rollover from the second quarter.
A buyer said it had agreed to rollovers for its Q3 contract prices in the low-to-mid-€400s/tonne FD.
Another buyer said it had provisionally agreed to rollovers for some of its Q3 contracts, but noted that it was not satisfied with this outcome, citing low consumption and good availability.
A third buyer had said it was too early to begin negotiations for Q3 contracts, but it expected prices to be unchanged from the second quarter.
($1 = €0.75)
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