21 May 2009 00:16 [Source: ICIS news]
HOUSTON (ICIS news)--US monopropylene glycol (MPG) producers will likely hit resistance when they attempt to implement 4 cent/lb ($88/tonne, €64/tonne) price hikes for June, a buyer said on Wednesday.
The price increases were necessary to maintain margins in the face of rising feedstock propylene costs, a producer said.
However, the buyer said that due to the weak global economy, the MPG market lacked sufficient demand to support the initiative.
Final May MPG prices have not been determined, but may drop 1-3 cents/lb. April prices for USP-grade (US pharmacological) material were 82-92 cents/lb FOB (free on board) east of the Rockies, according to global chemical market intelligence service ICIS pricing.
US MPG producers include Arch Chemicals, Dow Chemical, Huntsman and LyondellBasell.
($1 = €0.73)
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