29 March 2011 22:58 [Source: ICIS news]
Buyers were not immediately available for comment. However, EG supply is expected to begin tightening in April, when the first of a series of cracker turnarounds begins. The turnarounds are expected to last through the second quarter, the producer said.
US Gulf FOB (free on board) March EG contract values were 63-67 cents/lb ($1,389-1,477/tonne, €986-1,049/tonne), as assessed by ICIS. March prices were up about 7 cents/lb from February.
US EG producers typically propose price increases two weeks ahead of the implementation date. When the mid-March deadline for proposing April price increases came and went without anything heard on April pricing, it became apparent that the April proposal would be either a rollover or a price cut.
US EG producers include LyondellBasell, Huntsman, MEGlobal,
($1 = €0.71)
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