25 September 2009 16:54 [Source: ICIS news]
Added to a 7 cents/lb increase on 1 September and another 10 cents/lb increase on 15 September, the 3 cents/lb move for October would represent about a 30% increase from August price levels.
US IPA contract prices for mid-September were assessed at 68-72 cents/lb ($1499-1587/tonne, €1019-1079/tonne), according to global chemical market intelligence service ICIS pricing.
“People have been working off inventories, and the market has tightened considerably while demand has steadied,” a buyer said.
The tight propylene market was a contributing factor for supplier increases, and had prompted increases in other derivative markets.
Spot IPA prices were also on the rise with mid-50s cents/lb common, sources said.
IPA is an oxygenated solvent used in products including coatings, cosmetics, pharmaceuticals, disinfectants, de-icers, resins, food, inks and adhesives.
Other US IPA producers include ExxonMobil, Shell and LyondellBasell.
($1 = €0.68)
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