01 November 2013 18:53 [Source: ICIS news]
LONDON (ICIS)--Average spot prices in the European methyl isobutyl ketone (MIBK) market fell and breached the €1,475/tonne level to hit €1,470/tonne ($1,986/tonne), its lowest level in over one-and-a-half years, due to softer week-on-week demand and lower prices in the feedstock acetone market, sources said on Friday.
Consumer activity remains low amid uncertainties in the macroeconomic environment and in the labour market. Statistics agency Eurostat said on Thursday that unemployment in the EU was at 11%, unchanged since February.
Some market participants expressed concern that demand could weaken towards the end of the year when companies are expected to lower inventory ahead of a new fiscal year. A major producer said sales of MIBK in October were lower than it expected but did not provide figures.
Spot prices of MIBK were assessed by ICIS at €1,460-1,480/tonne, down from a range of €1,460-1,490/tonne last week.
($1 = €0.74)
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