LONDON(ICIS)--European methyl ethyl ketone (MEK) prices this week fell to their lowest level from a spike in October last year as availability continues to improve and the market seeks to soften an inflated price, market sources said on Friday.
Prices spiked after Sasol declared force majeure on its 65,000 tonne/year MEK plant in Moers, Germany in September 2013.
“I hear about the weakening in the market...we have narrowed our range,” a producer said. “Competition is pressuring prices down but I do not think the market is oversupplied.”
A distributor said there is plenty of material in the market and prices need to fall further.
Domestic demand was heard to be stable-to-low but healthier demand was seen in the export market.
Domestic prices fell to €1,300-1,370/tonne FD (free delivered) NWE (northwest Europe).