30 October 2012 20:32 [Source: ICIS news]
Butac distributor prices, the most popular range, rose to 83-86 cents/lb from the previous 82-85 cents/lb, sources said. Butac spot free-on-board (FOB) prices also rose to 73-77 cents/lb from the previous 72-76 cents/lb.
The move, while slight, is at least partial confirmation that producer nominations for 3 cent/lb increases, effective on 1 November, have begun to be accepted by the market, sources said.
“Indications are it will go up by the full three cents/lb on November 1,” a buyer said on Thursday.
A butac seller confirmed that prices have already moved up some on good demand and rising raw material values, particularly that of propylene.
“We will be watching the raw material situation closely,” the seller said.
Spot chemical-grade propylene (CGP) continued to move higher at 51.50-51.625 cents/lb compared with 49.25-49.75 cents/lb a week earlier. US refinery-grade propylene (RGP) prices rose sharply this week on speculation that a Texas refinery was having problems.
Major US butac producers include Dow Chemical, Eastman Chemical and Oxea.
($1 = €0.78)
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