Europe etac prices soar in response to INEOS force majeure

22 January 2010 14:35  [Source: ICIS news]

LONDON (ICIS news)--European ethyl acetate prices have jumped up by over 10% in response to a reported force majeure declaration by INEOS on Monday, buyers and sellers said on Friday.

In the week to 15 January, ethyl acetate prices were assessed between €770-800/tonne ($1,085-1,127/tonne) FD (free delivered) NWE (northwest Europe), according to data from global chemical market intelligence service ICIS pricing.

However, during the week to 22 January, prices were assessed in most cases €80-120/tonne higher at €850-920/tonne FD NWE with the expectation of further increases in the weeks ahead.

INEOS went into a routine outage in the last days of November, and had already delayed the restart of its 245,000 tonne/year unit at Hull in the UK from 18 December to early January.

However, cold weather conditions hampered the early January restart and on Monday 18 January INEOS reportedly informed its contract customers that force majeure was in place for ethyl acetate supplies. Although this was widely reported in the market, it was not confirmed at source.

“We’ve been told a restart is delayed by a further two weeks,” a contract customer said.

“Even with a restart early February, product is unlikely to be available until mid-month,” another buyer commented.

($1 = €0.71)

For more on ethyl acetate visit ICIS chemical intelligence
For more on INEOS visit ICIS company intelligence
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By: Jane Massingham
+44 20 8652 3214

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