04 May 2009 17:36 [Source: ICIS news]
Contracts moved up 5-5.5 cents/lb ($110-$121/tonne or €83-91/tonne) with benzene, buyers and sellers said.
US phenol contract prices generally lag benzene settlements by one month.
A buyer said that few volumes were being purchased so the increases were not as worrisome as they would have been this time last year.
“I am in no hurry to settle. I have no orders in question anyway,” the buyer said.
Offers on the phenol spot market have moved up 3 cents/lb, to the mid-30s cents/lb range, as interest from overseas market has increased, a trader said.
May phenol contracts were poised to rise as well, despite weak demand and sluggish activity continuing to exert downward pressure on prices, buyers and sellers said.
US benzene contracts for May were finalised at $1.90/gal, a 21-cent gain from April.
US phenol sellers include Shell, Sunoco, Georgia Gulf and INEOS.
($1 = €0.75)
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