08 November 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--Spot prices in the European methyl isobutyl ketone (MIBK) market were assessed lower on Friday, reaching a 20-month low due to poor demand and weaker prices of feedstock acetone, sources said.
Spot prices of MIBK were assessed by ICIS at €1,450-1,470/tonne ($1,959-1,986/tonne), down from a range of €1,460-1,480/tonne last week.
Buying activity remains slow because of uncertainties in the macroeconomic environment. On Tuesday, the European Commission said that real GDP growth for the EU is expected to be flat this year compared with last year, but growth of 1.4% is expected in 2014.
However, the commission warned about high unemployment levels in the EU, with the forecast jobless rate this year of 11.1% expected to fall only marginally next year to 11%.
MIBK prices started their general downtrend since October last year. They were stable for two months early this year but have since resumed their fall, and some market participants said they do not expect demand next year to be much better than this year.
“Demand is still slow," a trader said. "Even with an economic growth forecast of 1.4% next year, it’s hard to say how that will impact us. ... Personally, I don’t expect a much better 2014."
($1 = €0.74)
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