US November MEK settles flat on soft fundamentals

12 November 2012 21:38  [Source: ICIS news]

HOUSTON (ICIS)--US November methyl ethyl ketone (MEK) contract values settled flat from October on soft market conditions and in the absence of price-hike initiatives, sources confirmed on Monday.

The rollover will hold MEK contract values at 85-86 cents/lb ($1,874-1,896/tonne, €1,480-1,498/tonne), as assessed by ICIS.

Supply was still largely balanced with soft demand, sources said.

October contract values had been assessed up by 5 cents/lb, with producers citing production costs and margin protection.

Eastman Chemical’s shutdown of one of its crackers in Texas is expected to continue until the middle of the month.

Butane at Mont Belvieu, Texas, was in a range of 164.00-165.50 cents/gal, up from 160.50-161.50 cents/gal during the previous week.

Late on 9 November, US spot ethylene was flat at 55.000 cents/lb versus 54.000-56.250 cents/lb a week earlier, and only one deal was heard. Also, bids and offers were wide apart on Friday, indicating that the market could remain quiet in the near term.

The US ethylene contract price for October fell by 1 cent/lb to 47.25 cents/lb.

US MEK suppliers include Shell Chemicals, ExxonMobil and Sasol.

($1 = €0.79)

For more on MEK, visit the ICIS Plants & Projects database

By: Larry Terry
1 713 525 2653

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