25 April 2012 21:18 [Source: ICIS news]
HOUSTON (ICIS)--US acrylic acid and acrylate esters contracts for April were assessed up by 2-3 cents/lb ($44-66/tonne, €34-50/tonne), but most gains fell below proposed increases sought by most producers, sources confirmed on Wednesday.
The increase took acrylic acid prices to $1.26-1.31/lb, as assessed by ICIS.
The settlements reported below nominated levels reflected soft demand and ample supply, sources said.
However, one producer that had proposed increases at the low end of the nominated ranges of 5-10 cents/lb said it achieved most of the hikes it sought, largely on the strength of March propylene gains of about 5%.
Acrylates price momentum slowed significantly after strong March gains precipitated by a 30% gain in feedstock chemical-grade propylene (CGP) prices for February.
April chemical-grade propylene (CGP) contracts settled flat at 76 cents/lb, despite proposed increases of 2 and 5 cents/lb.
Major US acrylates producers include Dow Chemical, Arkema and BASF.
($1 = €0.76)
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