15 September 2010 09:23 [Source: ICIS news]
Deepak had declared a force majeure on IPA production and had taken the plant offline on 30 July following a pipeline burst, the official said.
“The pipe replacement took nearly four weeks to complete,” he added.
The shutdown at Deepak’s IPA plant, which caters to nearly 70% of the domestic demand, had reduced IPA availability in the market leading to a firming of prices, market sources said.
Domestic IPA prices had risen by $5-20/tonne (€4-15/tonne) this week to $1,100-1,120/tonne CFR (cost and freight)
The uptrend was expected to continue until November, sources said, adding that
IPA prices in the Middle East had also strengthened $10-30/tonne to $1,130-1,160/tonne CFR on concerns of supply scarcity ahead of upcoming plant turnarounds at major regional plants in
A similar trend was witnessed in the Asia Pacific region where prices gained $20-75/tonne in the week ending 10 September to $1,100-1,150/tonne CFR southeast Asia and $1,175-1,200/tonne CFR northeast
The existing supply crunch could worsen by plant turnarounds coming up in October and November, lending further support to prices in the region, said market players.
($1 = €0.77)
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