04 August 2011 08:45 [Source: ICIS news]
SINGAPORE (ICIS)--Solvent prices in India and the Middle East have largely risen by $10-30/tonne (€7-21/tonne) in the week ended 3 August because of tight supply and rising feedstock costs, markets sources said on Thursday.
The jump in propylene prices was attributed by market players to the fire that broke out at Taiwanese major Formosa Petrochemical Corp’s (FPCC) Mailiao refinery complex early this week.
“The Formosa [outage] has pushed up propylene prices,” said a trader in Singapore.
In addition, spot IPA prices in the Middle East rose by $20/tonne at the high end of the range to $1,320-1,400/tonne CFR Middle East, according to data from ICIS.
Acetone spot prices in India firmed by $10/tonne at the high end of the range to $1,100-1,160/tonne CFR India as a result of rising feedstock costs and tighter supply, the data showed.
Despite the weak demand for acetone and sporadic discussions in the Middle East, spot acetone prices were assessed as up by $30/tonne at the high end of the range at $1,100-1,150/tonne CFR Middle East to reflect the higher selling indications heard, ICIS data showed.
Sellers said they were looking to mitigate their losses by increasing their prices slightly.
However, ethyl acetate (etac) prices in the Middle East bucked the trend and declined on the back of weak buying interest as players in that region are observing the Muslim fasting month of Ramadan, market sources said.
Spot etac prices in the Middle East fell by $20/tonne to $1,130-1,170/tonne CFR Middle East, in line with the weak buying interest as well as softer acetic acid feedstock costs, according to data from ICIS.
IPA is typically used in the pharmaceutical and agrochemical sectors as well as a solvent in the coatings industry.
Acetone is widely used in coating applications and to manufacture methyl methacrylate (MMA).
Etac is used in coatings as well as in adhesives and cosmetics.
($1 = €0.70)
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