27 March 2011 20:04 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--US acetone suppliers have issued price increases to the solvent and distribution market, which would recoup the ground lost in early March when distribution prices fell by 10%, a distributor said on Sunday.
Two major acetone suppliers reduced their truck postings to 64 cents/lb ($1,411/tonne/€1,002/tonne), from 72 cents/lb earlier in the month.
The motivation for the drop was unclear, but market participants attributed the decrease to an overseas cargo arriving to the ?xml:namespace>
Acetone sold to the solvent and distribution market is posted in truck and rail numbers.
An extra barge or tanker shipment of acetone can disrupt balances in the solvent and distribution market quickly and significantly, a distributor said on the sidelines of the International Petrochemical Conference (IPC).
But since mid-March, sellers have issued fresh hikes moving the price back up to 71-73 cents/lb. A final increase will be effective on 1 April.
The initiatives have been met with very little resistance, but buyers have also been hesitant to do much business at the new levels so far, the distributor said.
Major acetone sellers in the
Hosted by the National Petrochemical & Refiners Association (NPRA), the IPC continues through Tuesday.
($1 = €0.71)
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