13 November 2012 23:42 [Source: ICIS news]
HOUSTON (ICIS)--A buyer and seller confirmed on Tuesday that the initial settlement for November barge acetone has been reached higher by 9.3% from October.
Sources confirmed an initial settlement at 53 cents/lb ($1,168/tonne, €923/tonne) DEL barges (delivered via barges), up from 48.5 cents/lb for October.
A source said much of the November increase was attributed to making up ground with feedstock refinery-grade propylene (RGP).
“If you look at RGP in the past three months, we haven’t kept up with it,” the source said. “You can’t look at it in just a month-to-month fashion.”
US spot RGP prices have gained 12-14 cents/lb since late August, as assessed by ICIS, while the barge acetone contract has increased by 8 cents/lb in that timeframe after the initial settlement.
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 = €0.79)
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