26 October 2012 20:41 [Source: ICIS news]
HOUSTON (ICIS)--The US October barge acetone contract reached a complete settlement at a gain of 6.6%, sources confirmed on Friday.
A buyer and producer confirmed an initial settlement of 48.5 cents/lb ($1,069/tonne, €823/tonne) DEL barges (delivered via barges).
This represents an increase of 3 cents/lb from the September settlement.
Sources attributed the jump in barge acetone to higher feedstock costs from the refinery-grade propylene (RGP) market.
RGP had started to climb in late September, but acetone buyers insisted any gains be pushed into negotiations for the October acetone contract.
Several buyers had been pushing for a rollover in October, citing high margins for producers over RGP.
The US barge acetone contract is negotiated between three large producers – Georgia Gulf, INEOS Phenol and Shell Chemical – and the three largest buyers – Dow Chemical, Evonik and Lucite.
($1 = €0.77)
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