30 March 2009 16:33 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS news)--Initial settlements for the US March phenol contract have been negotiated at a rollover, down half a penny and down a full one-cent/lb, players confirmed on Monday.
Three large buyers and three sellers confirmed settling March contracts on the sidelines of the International Petroleum Conference (IPC) sponsored by the National Petrochemical & Refiners Association (NPRA).
Phenol buyers said the March movements were a result of the 6-cent/gal decrease on benzene contracts earlier in the month. Benzene contracts for March settled at $1.29/gal.
February phenol prices previously settled up by 4.5 cents/lb to 46.5 cents/lb ($1,025/tonne or €769/tonne) before any discounts or incentives, according to data from global chemical intelligence service ICIS pricing.
The increase followed a 34-cent/gal increase on February benzene contracts.
But for April, the phenol price was likely to rise again due to upward momentum on feedstock benzene prices, a buyer said.
“There is an upward bias for pricing going forward on phenol with higher price feedstock pull,” the buyer said.
($1 = €0.75)
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