08 June 2011 23:40 [Source: ICIS news]
IPA pricing was confirmed down 4 cents/lb ($88/tonne, €60/tonne) from one producer and down 5 cents/lb from another, largely because feedstock chemical-grade propylene (CGP) prices fell by 15 cents/lb for June, sources said.
In contrast, CGP prices rose sharply in April and May.
It was not yet certain whether a third major IPA producer had lowered its current contract prices.
“We have seen numbers come off 3-4 cents/lb this week,” a fourth producer said. “Everyone has different competitive situations. Buyers are trying to drive prices down with the news of June propylene,” the seller said.
The status of a 6 cent/lb IPA June price-hike initiative from one seller was not yet known.
IPA prices were not yet assessed lower by ICIS, pending market confirmation of broad reductions, but current prices were $1.12-1.15/lb.
If reductions are broadly implemented, most would occur at the low end of the current range, sources said.
Domestic IPA remained snug, buyers said, but some limited spot volumes were said to be available this week.
($1 = €0.68)
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