16 October 2012 21:09 [Source: ICIS news]
HOUSTON (ICIS)--US spot acetic acid prices dropped slightly during the past week because of BP’s lifting of a force majeure at a Texas plant, sources said on Tuesday.
US acetic acid free on board (FOB) export prices now run $560-625/tonne, sources said, 4% lower on average from the previous range of $575-665/tonne.
The drop represents the second correction this month and is another reaction to the increase in US acetic acid that began in July following a force majeure declared by BP on material produced at a Texas plant.
Prices fell by $45/tonne earlier this month. BP said on Tuesday that the force majeure was no longer in effect.
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.
An acetic acid seller said pricing had slipped by approximately 1 cent/lb, or $22/tonne, as a result of BP’s lifting the force majeure. But other sources said the slippage was a little more.
Major US acetic acid sellers include BP, Eastman Chemical and Celanese.
($1 = €0.77)
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