18 January 2013 21:58 [Source: ICIS news]
HOUSTON (ICIS)--US isopropanol (IPA) January contract prices increased swiftly by 10 cents/lb ($220/tonne, €165/tonne) on feedstock pressure, following recent hike initiatives, market sources confirmed on Friday.
The new January IPA range is 85-90 cents/lb, as assessed by ICIS.
Although IPA supply constraints continue to be heard, most sources attributed the quick acceptance of IPA price hikes to sharply higher propylene values.
Feedstock chemical-grade propylene (CGP) for January settled up by 15 cent/lb.
The feedstock increase was widely anticipated and prompted most producers to announce IPA increase initiatives of 10 cents/lb, effective from 15 January in order to get a jump on higher upstream costs.
IPA sellers will continue their efforts to recoup input costs with planned increases of another 5 cents/lb, effective 1 February, sources confirmed.
“I think most folks are receptive to increases right now,” one buyer said. “It seems to be a way of life these days.”
($1 = €0.75)
For more on IPA, visit the ICIS Plants & Projects database
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