06 July 2011 22:46 [Source: ICIS news]
HOUSTON (ICIS)--US refined glycerine third-quarter contracts edged down slightly from the second-quarter levels, buyers and sellers said on Wednesday.
“Many contracts did roll over, but a number of them fell slightly, depending on the starting point,” one source said.
Vegetable-derived refined glycerine contracts were assessed at 38-46 cents/lb ($838-$1,014/tonne, €578-700/tonne), down 1 cent/lb on the high end of the 38-47 cents/lb second-quarter assessment.
Tallow-derived refined glycerine contracts were assessed at 36-44 cents/lb, shaving the same 1 cent/lb off the upper end of the 36-45 cents/lb second-quarter assessment.
Third-quarter negotiations were mixed, with several suppliers moving up lower start-point accounts by several cents, many accounts rolling over between the quarters and a number of contracts finishing slightly below the start-points.
Most market participants said the higher levels edged back on flattening US demand and a sluggish economic recovery.
US glycerine producers and refiners include Procter & Gamble, Vantage Oleochemical, Emery Oleochemicals and VVF. Agriculture-based producers and refiners include Archer Daniels Midland (ADM) and Cargill.
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