19 July 2011 23:42 [Source: ICIS news]
HOUSTON (ICIS)--Buyers and sellers confirmed that the initial July barge acetone settlement was reached on Tuesday at a fall of 7% from June.
Sources said at least one settlement had been reached at 61 cents/lb ($1,345/tonne, €955/tonne), a decrease of 4.5 cents/lb from June.
With acetone supply longer because of high operating rates for co-product phenol, and low feedstock costs for refinery-grade propylene (RGP) and benzene, market players said they expected a decline in July.
However, late last week, most market participants said they had just started negotiations, and had not expected any settlements until later this month.
The US barge acetone contract price is negotiated between three large acetone producers – Georgia Gulf, INEOS Phenol and Shell Chemical – and the three largest methyl methacrylate (MMA) producers – Dow Chemical, Evonik and Lucite.
($1 = €0.71)
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