The European spot price of acetone hit its lowest since February 2002 this week, Platts data show.
The spot price was assessed at Eur400/mt FD NWE, down Eur45 from the previous week.
Plummeting feedstock costs and ample supply are the main reasons behind the plunge, sources have said.
The European February contract price for propylene -- an important feedstock for acetone -- settled at Eur560/mt FD NWE, down Eur60 from January.
Acetone is primarily a byproduct of phenol, but stronger-than-expected demand for phenol has caused a regional oversupply of acetone in Europe.
A lack of arbitrage opportunities for acetone out of Europe has also weighed on spot prices, a trader said.
A four to six week turnaround at Cepsa's Huelva acetone/phenol plant will begin mid-February, two weeks later than originally scheduled, a source close to the company said this week.
The shutdown will also last longer than planned, as in December it was reported that the shutdown would last for two weeks.
The plant produces 200,000 mt/year of phenol and 135,000 mt/year of acetone.
