31 May 2013 05:52 [Source: ICIS news]
MELBOURNE (ICIS)--US-based acetyls producer Celanese has reduced its June price for ethyl acetate (etac) in Singapore by $15/tonne from May, regional buyers said on Friday.
This was the producer’s third month-on-month etac price reduction, following similar moves in April and May.
The producer cut its benchmark Singapore ex-tank price for etac to $940/tonne ex-tank for June, from $955/tonne ex-tank in the second half May, the buyers said.
The producer in mid-May reduced its etac ex-tank price to $955/tonne ex-tank from the $960/tonne ex-tank price it announced at the start of May.
Celanese on 15 May said in a statement on its website that it was raising its etac and butyl acetate (butac) prices by $20/tonne in Asia outside China, “effective immediately, or as contracts allow”.
However, some market sources said at the time that such price hike proposals may be impeded by competitive offers from Chinese producers.
Etac for June shipment was offered by Chinese producers at $920-930/tonne CFR SE Asia for parcels of 1,000 tonnes in size, according to regional importers.
Meanwhile, Celanese’s June ex-tank price for butac is at a rollover from May and April, at $1,330/tonne ex-tank in Singapore, the buyers said.
Celanese’s production facility in Singapore has a combined etac/butac capacity of 100,000 tonnes/year.
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