29 April 2011 23:43 [Source: ICIS news]
The effort succeeded on upstream pressure, snug supply and healthy demand, sources said, and took contract values to a new range of $1.05-1.15/lb, as assessed by ICIS. The previous range was $1.02-$1.12/lb.
Demand from tyres, coatings and other markets continue to be robust, buyers said, and raw materials continue to rise, underpinning May increase initiatives of 10 cents/lb.
Although supply is constrained, MIBK is available without formal supply restrictions, buyers said.
Feedstock refinery-grade propylene (RGP) for May traded at 90.75-91.00 cents/lb during the week, up from an April deal done at 79.50 cents/lb in the first week of the month.
Feedstock isopropanol (IPA) gained 13 cents/lb for April and was pressured sharply upward by escalating chemical-grade propylene (CGP) values and tight supply. In addition, feedstock acetone has been proposed up by 10-11 cents/lb.
US MIBK producers include Dow Chemical, Eastman and Celanese.
($1 = €0.67)
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