27 January 2012 05:08 [Source: ICIS news]
By Salinla Tulyasatien
Acetone, ethylene acetate (etac), isopropanol (IPA) values are currently firm despite the strong availability of spot cargoes in the absence of the key
In the week ending 25 January, acetone was assessed at $980-1,070/tonne (€745-813/tonne) CFR (cost and freight)
Spot prices of feedstock propylene were at $1,370-1,400/tonne
Offers for acetone and IPA are likely to increase next week by about $20-40/tonne for February cargoes, market sources said.
“Selling ideas for acetone are at least at $1,000/tonne CFR India for a
Players from across the
IPA spot prices were assessed at $1,200-1,250/tonne CFR India/CFR Middle East on 25 January, up $20/tonne from the previous week, according to ICIS.
“Anything less than $1,250/tonne CFR India would be impossible for February shipment,” said an IPA producer in
Etac, on the other hand, was steady at $1,000-1,030/tonne CFR Middle East on 25 January, ICIS data showed.
The Indian rupee has strengthened by about 7% over the past six weeks against the US dollar at about Rs50 on Friday, according to currency data available at www.xe.com.
A strong currency translates to higher prices of products beoing shipped out.
“With the Indian rupee appreciating against the US dollar, it is not possible for selling etac less than $980/tonne FOB
Trading activities are currently subdued since
“I am expecting the price for acetone to range from $1,020-1,050/tonne CFR Middle East once the Chinese New Year is over,” said a
Most buyers are not keen to procure cargoes at this time.
“I’m reluctant to make any purchase but rather wait for the Chinese market to return after the holidays to have a better idea,” said an India-based acetone buyer.
($1 = €0.76)
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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