15 March 2013 20:23 [Source: ICIS news]
HOUSTON (ICIS)--US nylon market sources said on Friday that they do not see buyers agreeing to the price hike recently proposed by two producers.
With weak demand in the global tyre market and falling prices for key feedstock benzene in Asia, there is no support for the proposed 5 cent/lb ($110/tonne, €85/tonne) price increase put forth by BASF and Honeywell earlier this week.
“It’s just not going to happen,” said one market source.
Asia’s benzene prices for April cargoes fell to a 20-week low on Friday, with offers quoted at below the psychological support of $1,300/tonne, industry players said.
Prices for Asian benzene on 15 March are assessed at $1,283-1,288/tonne FOB (free on board) Korea for second-half April cargoes, down by 14% from the all-time high of $1,490/tonne FOB Korea hit on 19 December 2012.
US benzene spot prices on Friday were ranging higher day on day at $4.27-4.32/gal FOB.The range for US industrial grade nylon 6 is $1.37-$1.57/lb, as assessed by ICIS. US producers of nylon include Ascend Performance Materials, BASF Corp, DuPont, EMS-Grivory, Honeywell, INVISTA, NYCOA and Shaw. ($1 = €0.77)
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