01 November 2013 11:53 [Source: ICIS news]
LONDON (ICIS)--The European November acetone methyl methacrylate (MMA) contract price has moved down by €28/tonne ($39/tonne) from the previous month, following a drop in the value of major feedstock propylene, sources said on Friday.
The November acetone MMA contract price settled at €895/tonne FD (free delivered) NWE (northwest Europe).
“We went down on the gross by €35/tonne, and minus €28/tonne on the net to €895/tonne,” said a producer.
“The market situation is slightly different than in past weeks. Acetone availability has not changed, but demand is a bit less,” the producer added.
On the buying side, a major acetone consumer said it agreed its November price at €895/tonne reflecting the drop in propylene. It also spoke about the “movement” in spot prices.
European acetone spot values continue to come under pressure further compounded another fall in propylene.
Acetone spot prices have been gradually moving up since the start of July, peaking in October and since then declining sharply.
A number of key market figures were unsure why spot prices have declined, but it is thought that demand has tailed off and some sellers in the trade and distribution sectors were destocking ahead of further losses in the value of propylene, as well as benzene.
($1 = €0.74)
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