22 November 2012 20:25 [Source: ICB]
US November acrylic acid and acrylate esters contract prices rose by 1-2 cents/lb ($220-441/tonne, €174-348/tonne), sources said on 14 November, but the gains fell below nominated levels.
Buyers successfully pushed back against proposed increases of 6-8 cents/lb, arguing end-of-year destocking efforts, plentiful supply and only a small October feedstock chemical-grade propylene (CGP) increase of 1.50 cents/lb.The November glacial acrylic acid contract range increased to $1.10-1.14/lb, as assessed by ICIS.
Most increases were at 2 cents/lb, with gains for butyl acrylate (butyl-A) and glacial acrylic acid (GAA) rising mainly 1 cent/lb.
If November CGP increases at or near 5 cents/lb, it could prompt December acrylates initiatives, but buyers are vowing that they will not accept any more increases before the end of the year.
The explosion in late September at Nippon Shokubai's acrylates plant in Himeji, Japan, has had little effect on the domestic market, sources said.
"Buyers of Nippon Shokubai material were able to cover their needs in China," a source said. "That helped bring some balance to the North American market but not enough to give sellers real pricing power."
In feedstocks, November propylene contracts were still not settled, but several sources said agreements were likely to be below nominated increase levels of 5 and 7 cents/lb.
In the feedstock US oxo-alcohols 2-ethylhexanol (2-EH) and n-butanol (NBA) markets, November prices were assessed up by 3 cents/lb for each product on steady demand.
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