14 August 2012 21:58 [Source: ICIS news]
HOUSTON (ICIS)--US ethyl acetate (etac) distributor prices rose 5 cents/lb ($110/tonne, €89/tonne) in the past week on increasing raw material costs, sources said on Tuesday.
The hike pushed the etac distributor price range up to 81-85 cents/lb in the past week from the previous 76-80 cents/lb, buyers said.
Sources attributed the etac hike to a recent 3 cent/lb ($66/tonne) increase in feedstock acetic acid and an expected jump in the cost of industrial ethanol, also a major raw material, later this month. “It is all feedstock-related,” a supplier said.
The etac increase matched producer nominations for August. Celanese issued a proposal in late July to raise prices on 1 August by 5 cents/lb in North, Central and South America, and Eastman issued a similar raise to take effect on 15 August.
Little spot trading was being done, but sources said that range moved up 1 cent/lb to 71-75 cents/lb from the previous 70-74 cents/lb.
August contract prices did not change, but sources said September contracts likely would move up early next month as a result of this week’s changes. The current etac contract range is 75-79 cents/lb, according to ICIS.
Etac suppliers in the US include Celanese, Eastman and Sasol. Etac is used primarily for inks and coatings and is an ingredient in nail polish.
($1 = €0.81)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections