NPRA ’09: US phenol showing slight drop for March

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).

The phenol contract largely follows benzene movements, although supply and demand fundamentals have begun to play an integral role.

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.

Georgia Gulf, Shell, INEOS and Sunoco are among the major US phenol sellers.

($1 = €0.75)

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By: Heather McGuire Doyle
+1 713 525 2653

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