01 April 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--European propylene glycol ether spot prices firmed by €30/tonne ($41/tonne) this week, following the €70/tonne rise in the April propylene contract, sources said on Thursday.
Methoxy propanol (PM) was assessed at €1,080-1,100/tonne FD (free delivered) NWE (northwest ?xml:namespace>
“The increase is more than usual given the rise in propylene, I think producers are using this as an opportunity to raise the bottom line,” said one trader.
Butyl glycol ether (BG) spot values also firmed up at the higher end of the range by €20/tonne, to €1,160-1,200/tonne FD NWE. This was due to upstream cost hikes, including a €20/tonne increment in the April ethylene contract.
Producers of BG were reported as unsatisfied with this slim rise in price, with one stating: “We need at least another €40-50/tonne on top of this to cover feedstock increases and improve margins.”
($1 = €0.74)
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