20 September 2012 22:03 [Source: ICIS news]
HOUSTON (ICIS)--US methyl isobutyl ketone (MIBK) contract prices settled flat for September as early price-hike initiatives withered on soft August market fundamentals, sources confirmed on Thursday.
The rollover holds MIBK contract prices in a range of $1.10-1.15/lb ($2,425-2,535/tonne, €1,867-1,952/tonne), as assessed by ICIS.
Initially, September contract values appeared likely to increase on snug supply despite weaker feedstock propylene contracts, but September increase initiatives of 5 cents/lb were rescinded for lack of support from other larger producers who did not propose hikes for the month.
In the meantime, an MIBK contract price-hike proposal of 3 cents/lb for October recently surfaced, hinging partly on anticipated stronger September feedstock, sources said.
Some sources expect September propylene to settle flat or up by as much as 2 cents/lb.
One producer continued to hold material on strict allocation.
On the US acetone front, September truck acetone contracts tightened after producers saw mixed results with earlier initiatives. New prices were assessed at 62-68 cents/lb DEL (delivered) on a pre-discount basis.
Isopropanol (IPA) contract values for October were nominated up by 3-8 cents/lb on anticipated higher propylene costs and margin-improvement efforts. September initiatives of plus 3-5 cents/lb withered for lack of support from the major IPA producers.
US MIBK suppliers include Dow Chemical, Eastman, Celanese and Sasol.
($1 = €0.77)
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