US April phenol contract prices swell 10%

04 May 2009 17:36  [Source: ICIS news]

HOUSTON (ICIS news)--US phenol contract prices for April rose by 10% for most consumers amid higher feedstock benzene prices and an improved export market, players said on Monday.

Contracts moved up 5-5.5 cents/lb ($110-$121/tonne or €83-91/tonne) with benzene, buyers and sellers said.

April phenol contract prices are 50.5 cents/lb, prior to discounts, according to data from global chemical market intelligence service ICIS pricing.

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)

For more on phenol visit ICIS chemical intelligence
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By: Heather McGuire Doyle
+1 713 525 2653

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