01 February 2010 22:04 [Source: ICIS news]
HOUSTON (ICIS news)--January phenol contract prices moved up along with the 19% increase on feedstock January benzene values, players said on Monday.
Most players settled phenol contracts up 7.75 cents/lb ($171/tonne, €123/tonne), bringing the assessment for January contract prices up to 75.37 cents/lb freight equalised (FRT EQ), according to global chemical market intelligence service ICIS pricing.
The assessment is a gross price and does not include any discounts or rebates.
January benzene prices previously settled up by 57 cents to $3.55/gal.
Phenol buyers would likely tack on another 2 cents/lb in February following the February benzene settlement, which closed on Friday at $3.69/gal, up 14 cents from the January benchmark on a swell in energy values during the month, a buyer said.
Higher feedstock benzene costs and reduced supply have also pushed phenol spot values up by 5.50 cents since the start of the year, and February offers were also moving higher.
Bids last week at around $1,270/tonne were declined, buyers and sellers said. Instead, transactions were moving at $1,280-$1,300/tonne FOB (free on board).
Major US phenol sellers include Shell, INEOS, Georgia Gulf, and Sunoco.
($1 = €0.72)
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