24 October 2011 18:35 [Source: ICIS news]
HOUSTON (ICIS)--US methyl ethyl ketone (MEK) contracts fell by 8 cents/lb ($176/tonne, €127/tonne) in October on soft demand and more available supply, sources confirmed on Monday.
Some of the drop was attributed to September price weakness, but values were unchanged in September because of a lack of consensus during the period.
The decrease took MEK prices to 126-130 cents/lb, as assessed by ICIS, but market sources said prices could slip even further before the end of the month.
Weakness that began in August could take prices down another 7-8 cents/lb in the near term.
A producer said supply continues to outpace demand and that pressure from Asian imports also is exerting downward pressure on contract values.
A buyer disagreed, however, saying sellers have been lowering prices more slowly and that some supply is still tightly controlled although market-wide allocations are no longer being heard.
Prices had spiked globally in March after ?xml:namespace>
But contract prices settled flat in July and appeared to signal the onset of weaker pricing.
Also, an indicator of future construction activity in the
The American Institute of Architects (AIA) said its monthly Architecture Billings Index (ABI) was 46.9 for the month, a drop of more than 4 points, or nearly 9%, from 51.4 in August.
The September ABI score reflected a sharp decrease in demand for design services from AIA-member firms.
Feedstock pricing has been mixed.
Butane for Mont Belvieu,
($1 = €0.72)
For more on MEK, visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections