27 April 2012 23:35 [Source: ICIS news]
HOUSTON (ICIS)--US isopropanol (IPA) contract prices may fall by 5-6 cents/lb ($110-132/tonne, €84-100/tonne) because of falling demand and feedstock costs, sources said on Friday.
Market participants attributed word of the price reduction by most producers to softer propylene values and slackening demand levels. Earlier contract price-hike initiatives of 5 cents/lb were recently rescinded for similar reasons.
The current IPA contract range is 88-90 cents/lb, as assessed by ICIS, pending confirmation of recent declines.
Sources described a quiet market as buyers appeared to have moved to the sidelines for the week.
A customer said demand was healthy during the first quarter but had softened notably so far in the second quarter.
April chemical-grade propylene (CGP) settled flat at 76 cents/lb, May CGP contract values were expected to weaken, several sources said.
($1 = €0.76)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections