01 February 2011 22:01 [Source: ICIS news]
HOUSTON (ICIS)--US maleic anhydride (MA) February contracts settled at a rollover from the previous month on stable feedstock prices, sources said on Tuesday.
The rollover was in line with market expectations after price nominations did not emerge from suppliers for February contracts.
Buyers and producers confirmed that contract prices remained flat from January.
One supplier said stable feedstock butane prices kept the contract at a rollover for February.
The MA contract for February was assessed for molten-grade material at 79.20-85.20 cents/lb ($1,746-$1,878/tonne, €1,275-1,371/tonne) FOB (free on board) US Gulf.
A 3 cent/lb increase was implemented for January contracts, the first price hike seen in the MA market since June 2010.
Producers cited rising feedstock butane costs as the reason behind the January increase.
MA is an intermediate chemical that is used in a variety of applications, including the production of unsaturated polyester resins, which are used in fibreglass found in automobiles and leisure boats.
US MA producers include Flint Hills Resources, Huntsman, Ashland and Lanxess.
($1 = €0.73)
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