15 May 2012 20:40 [Source: ICIS news]
Butac distributor prices fell to 90-92 cents/lb ($1,984-2,028/tonne, €1,548-1,582/tonne) from the previous 95-100 cents/lb, US buyers said.
A solvent used in lacquers as well as a synthetic fruit flavoring, butac is sold mainly through distributors in the US.
One buyer had heard of material selling in the high 80 cents/lb range, but it could not be confirmed. Another buyer expected prices to keep falling because of weak demand.
“Lower demand means more folks fighting for less business,” the source said. “Buyers have the upper hand again.”
Prices fell across the board last week by 5 cents/lb in response to a drop in spot propylene. Contract and spot prices remained the same this week, buyers said.
US propylene contracts for May fell by 10 cents/lb last week, market sources said.
Chemical-grade propylene (CGP) contracts dropped to 66.00 cents/lb. The CGP spot range closed the week at an average of 53.88 cents/lb, representing a drop of roughly 9.5 cents/lb.
($1 = €0.78)
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