14 October 2011 17:57 [Source: ICIS news]
A trader said prices were closer to the low 60s cents/lb range, and that US producers were eager to sell at 62 cents/lb because there was so little overseas demand.
Asian spot phenol prices have been falling for most of the third quarter, taking away a major export market for US product.
A US producer echoed this sentiment, saying it was selling its product into Asia in the mid-to-low-60s cents/lb range because of weaker global benzene values.
A South American phenol producer said it was also seeing less volume shipped into Asia, and that it would be focusing its fourth-quarter efforts on South America rather than exports.
Previously, US spot acetone prices were assessed at 51–55 cents/lb FOB USG.
A US trader said it was seeing lower spot prices, as most Asian buyers also were being offered cheaper European product.
Producers in the US and South America agreed that it is becoming slightly more difficult to move product into Asia, and that spot acetone prices have fallen.
Major phenol and acetone producers in the US include Dow Phenol, Georgia Gulf, Honeywell, INEOS Phenol, SABIC Innovative Plastics and Shell Chemical.
($1 = €0.72)
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