09 April 2013 20:57 [Source: ICIS news]
Correction: In the ICIS story headlined “US VAM Q1 contracts up 1 cent/lb on slight rise in feedstocks” dated 9 April 2013, please read in the third paragraph …the March ethylene contract … instead of … the April ethylene contract…. A corrected story follows.
HOUSTON (ICIS)--US vinyl acetate monomer (VAM) first-quarter contract prices settled at a slight increase of 1 cent/lb ($22/tonne, €17/tonne), sources said on Tuesday.
Contract prices inched up to 58-61 cents/lb. While some customers have monthly contracts, those with quarterly agreements usually settle after the period is over and the latest monthly ethylene contract is determined.
Last week, the March ethylene contract settled at a rollover of 48 cents/lb, tracking balanced supply and demand levels.
Ethylene accounts for about 38% of the VAM price. Contract ethylene rose 6% during the first quarter, and spot ethylene increased about 4%.
The spot price for another VAM feedstock, US acetic acid, increased last week by $40/tonne on the high end.
Major VAM producers include Celanese, Dow, DuPont and LyondellBasell.
($1 = €0.77)
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