23 April 2012 10:17 [Source: ICIS news]
By Helen Lee
An offer May cargoes was quoted at $580/tonne (€44/tonne) CFR (cost and freight) India on Monday, about $50/tonne higher than last week’s bids of at least $530/tonne quoted by Indian buyers. An international trader said it rejected bids this week at $565/tonne CFR India.
This propelled spot acetic acid prices to six-month-highs of around $530/tonne CFR India during the week ended 20 April, from four-month lows of around $465/tonne CFR India in late March, according to ICIS data.
A global producer was said to have shut its 500,000 tonne/year plant in southeast Asia since mid-March, according to market sources. The cause and duration of the shutdown could not be confirmed by the producer.
The shortage of acetic acid supply in
Indian buyers hit by shipment delays were sent scrambling to secure spot lots from other non traditional supply sources, like
“The problem is that product is not available,” an end-user said, adding that no vessel is available from
Other importers disagreed and pointed out that
“Vessels owned by Sinochem are now discharging at west coast
A Hebei-based producer added that it may have a 3,000 to 4,000-tonne cargo available for sale to traders at $460/tonne FOB (free on board)
Other non-traditional supply sources in northeast
However, there were no firm discussions at such levels, a Taiwan-based producer said, adding that it is prioritising on meeting its respective domestic requirements.
Acetic acid is widely used in textile, pharmaceuticals and pesticide production.
Major acetic acid producers in Asia include US-based
($1 = €0.76)
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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