29 April 2011 23:12 [Source: ICIS news]
HOUSTON (ICIS)--US isopropanol (IPA) prices rose by 13 cents/lb ($287/tonne, €192/tonne) for April, sources confirmed on Friday.
The increase, which stemmed from initiatives of plus 5 cents/lb in early April and 8 cents/lb in mid-April, took April IPA values to a new range of $1.02-1.05/lb as assessed by ICIS. The previous range was 89-92 cents/lb.
The initiatives succeeded on tight supply, healthy demand and rising feedstock values, sources said. Contracts were also heard to be limited to historical volumes.
A 1 May price-hike initiative of 6 cents/lb surfaced a week ago, but a second May increase initiative, effective on 15 May, surfaced on Friday, which would increase contract prices by another 10 cents/lb, if successful.
Sources anticipated further May price initiatives, given new efforts to increase the price of feedstock chemical-grade propylene (CGP).
Tight propylene supply and firm demand previously drove April CGP contracts up by 15 cents/lb from 71 cents/lb for March. CGP contracts have been proposed higher for May at plus 7.5 cents/lb, 10.00 cents/lb and 12.50 cents/lb.
US IPA suppliers include ExxonMobil, Shell Chemical, Dow Chemical, LyondellBasell, Haltermann and Sasol.
($1 = €0.67)
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