Korea Alcohol to reduce domestic etac price by W30/kg for November

31 October 2012 03:01  [Source: ICIS news]

MELBOURNE (ICIS)--Korea Alcohol Industrial will reduce its domestic ethyl acetate (etac) price in November in a bid to improve its competitiveness against imported cargoes, a company official said on Wednesday.

The South Korean producer’s November etac price will be at won (W) 1,200/kg ($1.10/kg) EXW (ex-works), down by W30/kg from October, the official said.

The appreciation of the local currency against the US dollar in recent weeks has rendered the cost of imported etac increasingly competitive, the official added.

Korea Alcohol, which operates an 85,000 tonne/year etac/butyl acetate (butac) swing plant in Ulsan, is South Korea’s sole producer of etac and butac.

South Korean demand for etac in 2011 was estimated by market sources at 90,000-100,000 tonnes. About 95% of the 69,000 tonnes of etac imported in 2011 were from China.

($1 = W1,091.6)

By: Trisha Huang

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