INEOS Phenol pushes for €100/t on acetone spot

06 June 2008 13:00  [Source: ICIS news]

LONDON (ICIS news)--INEOS Phenol will be pushing for a €100/tonne price increase in June for acetone spot volumes, a company source confirmed on Friday.

"We will be starting a project to increase spot acetone and we expect the market to be short," said the source. "We are targeting €100/tonne [hike] in June and will be offering [at] €800/tonne," the source added.

INEOS Phenol said that it would adopt a take-it-or-leave-it approach adding, "with high raw material and production costs we have nothing to lose".

Spot prices in Europe were valued at €690-720/tonne ($1,078-1,125/tonne) FD (free delivered) NWE (northwest Europe), according to global market intelligence service ICIS pricing.

The news was welcomed by other Europe producers.

"We are not surprised about the news, but are surprised about €100/tonne," another producer said, adding that there were no possibilities to export out of Europe.

The seller said that if there was a possibility to increase prices in June it would follow with something similar during the second half of the month.

An active trader said that most orders had now been placed for June and he did not expect to see prices firm by €100/tonne.

"It would be good for us if it works," he added.

For more on acetone visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Julia Meehan
+44 20 8652 3214

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