02 October 2012 23:07 [Source: ICIS news]
HOUSTON (ICIS)--US acetic acid spot prices fell by $45/tonne (€35/tonne) during the past week as supplies grew from the continued relaxing of the impact of a force majeure at a Texas plant, sources said on Tuesday.
US acetic acid free on board (FOB) export prices now run $575-665/tonne, sources said, about 7% lower on an average basis from the previous range of $615-715/tonne.
The fall back represents the first correction since spot US acetic acid began moving up in July following the force majeure declared by BP on material produced at a Texas plant.
BP announced the action in a 23 July letter to customers.
In late August, a BP spokesman said the 590,000 tonne/year Texas City plant restarted in mid-August and the company had raised allocations to customers. However, the spokesman said the force majeure on material produced by the plant was still in effect.
Major US acetic acid sellers include BP, Eastman Chemical and Celanese.
($1 = €0.78)
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