The European spot truck price of methyl ethyl ketone hit fresh multi-month lows this week as supplies rose further.
The MEK truck price was assessed down Eur40/mt Tuesday at Eur1,770/mt FD NWE and at the lowest level since August 1, 2017, when it was Eur1,520/mt.
Distributors said offers had been competitive on MEK throughout March, which added to the bearish pressure. Isotank offers on MEK of non-EU origin material were hovering as low as Eur1,700/mt.
On March 6, MEK spot truck prices fell Eur130/mt on the week to Eur1,850/mt.
Some market participants said the downside moves were more due to a gradual rise in supplies than any sudden shift in fundamentals. They also said they expected demand to remain robust, pointing to positive PMIs recently.
MEK prices remained at strong levels above Eur2,000/mt for several months, having risen substantially to a peak of Eur3,150/mt on August 22, from Eur1,520/mt on August 1 last year.
While the initial bullishness was triggered by a supply crunch, prices have since been gradually easing.
