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European spot prices of MTBE surged to a record high this week

April 14/2011

(ICIS) -- European spot prices of methyl tertiary butyl ether (MTBE) surged to a record high this week, on the back of robust global oil futures, tight supply and firm demand, triggering a price rally in Asia, market players said on Thursday. Domestic prices in China also soared to an all-time peak but are lagging behind the rest of Asia, leaving Chinese buyers scrambling for spot material, they said.

In Europe, MTBE prices soared to USD 1.438-1.460/tonne (EUR 992-1.007/tonne) FOB (free on board) Amsterdam, Rotterdam, this week, eclipsing the previous high of USD 1.385/tonne in mid-July 2008, according to ICIS data.

Prices of the octane booster was assessed significantly stronger as USD 1.190-1.210/tonne FOB Singapore in the week ended 8 April, the highest levels since 11 July 2008, when MTBE prices closed at USD 1.210-1215/tonne FOB Singapore, the data showed.

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