15 January 2011 00:09 [Source: ICIS news]
HOUSTON (ICIS)--BASF plans to increase the price of its US acrylic acid and acrylate esters by 9 cents/lb ($198/tonne, €149/tonne) effective 1 February, the company said Friday, citing escalating costs.
The market was still negotiating January initiatives ranging from 6 cents/lb ($132/tonne) for all of the products to as much as 16 cents/lb for 2-ethylhexyl acrylate (2-EHA).
Most market sources said they expectee January acrylates contracts to settle at plus 6-8 cents/lb later in the month.
The current contract range for glacial acrylic acid (GAA) is 122-127 cents/lb, as assessed by ICIS.
Buyers said further price efforts from other producers would likely continue to surface.
“I'm not surprised,” a buyer said. “I was expecting it with propylene settling up by 15 cents/lb.”
Although December feedstock chemical-grade propylene (CGP) gained only 3 cents/lb, the propylene market was split for January after a prolonged settlement process, sources said, taking CGP up by 15 cents to 74 cents/lb.
US propylene contracts were widely expected to rise in January following a 42% surge in refinery grade propylene (RGP) spot prices in December.
($1 = €0.75)
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