02 October 2012 21:58 [Source: ICIS news]
The increase puts US VAM contracts at 57-60 cents/lb, up from 54-57 cents/lb in the second quarter, as assessed by ICIS.
US ethylene is a major VAM feedstock. Ethylene contracts for September settled up by 2.25 cents/lb ($50/tonne, €39/tonne) at 48.25 cents/lb, market sources said.
The US June ethylene contract settled at 39 cents/lb.
The ethylene hike pushed VAM spot prices up for the fourth time in as many months, with free on board (FOB) export prices rising $20/tonne last week to $900-1,000/tonne from $880-980/tonne previously.
Major US VAM sellers include Celanese, Dow Chemical, DuPont and LyondellBasell.
($1 = €0.78)
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