20 December 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--For the second month in succession, European acetic acid contract prices have remained stable in December, it was confirmed by market sources on Friday.
December contract prices were assessed by ICIS at €415-460/tonne ($568-630/tonne), representing a rollover from November.
The contracts were concluded on a free delivered (FD) northwest Europe (NWE) basis.
Players on both sides of the market stated that demand in the last few weeks of the year is simply too low to enable sellers to raise their prices, except here and there.
However, there is now much speculation about the likely movement of prices in the near future.
Market sources say soaring feedstock methanol numbers, based on tighter supply, make higher acetic acid prices almost inevitable in January, as this is when converters will be looking to take in more inventory after the customary practice of year-end destocking.
($1 = €0.73)
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