04 September 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The majority of European caprolactam (capro) August contract prices have fallen by €15-16/tonne ($20-21/tonne), representing around 50% of the upstream benzene cost increase pass-through as a compromise position, buyers and sellers confirmed on Wednesday.
Capro producers had been targeting a rollover of prices in August, with some early settlers achieving this, because of the need to restore margins and tighten supply. There have been rumours in the past few weeks of production problems at a major producer, but these could not be confirmed at source.
Buyers had argued for the full upstream benzene August contract price pass-through of €32/tonne because of weak demand resulting from summer outages and the need to restore their own margins.
The final settlement represented a compromise position between the two.
European August capro contract prices settled at €1,893-1,920/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.76)
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