29 October 2010 22:12 [Source: ICIS news]
HOUSTON (ICIS)--US isopropanol (IPA) contracts struggled to an October gain of 3 cents/lb ($66/tonne, €48/tonne), assessed higher from September amid upstream feedstock pressure, sources said on Friday.
The increase moved contracts to a range of 74–77 cents/lb.
September IPA was at 71–74 cents/lb after recently narrowing at the top end of the range. That followed unsuccessful September price initiatives of 3 cents/lb that withered on ample supply and softer demand, sources said.
Although a large-volume buyer said its contract had settled flat for October amid similar market conditions, most buyers said September raw material gains had provided sufficient impetus for the increases.
Primary feedstock chemical-grade propylene (CGP) gained 2.50 cents/lb in September over August.
October CGP contracts, however, were at 57 cents/lb - weakening by 1.50 cents/lb from September on longer supply and weaker demand.
Moreover, the recent launch of Petrologistics’ production at its propylene plant in Texas could further pressure propylene downward by 2–4 cents/lb in November, sources said.
($1 = €0.72)
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