17 November 2008 22:39 [Source: ICIS news]
HOUSTON (ICIS news)--US ethyl acetate (etac) prices have dropped about 5 cents/lb, distributors said on Monday.
The most popular etac price, for distributors, moved down to a range of 69-73 cents/lb ($1,521-1,610/tonne or €1,217-1,288/tonne) from the previous 75-83 cents/lb, sources said.
Distributors said the cuts stemmed from ample supplies and declining feedstock prices resulting from the continuing drop in crude oil and natural gas. Feedstock acetic acid buyers have also reported price cuts in recent weeks.
A distributor said the decreases started showing up in late October, though they were not announced by producers. "They don't announce them, they just do it," the distributor said.
Etac contract prices also moved down, to a range of 64-68 cents/lb, and US Gulf coast export rates declined to 59-63 cents/lb, the distributors said.
Major US etac producers include Celanese, Eastman Chemical and Solutia, whose material is marketed by BP.
($1 = €0.80)
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