20 June 2013 23:37 [Source: ICIS news]
HOUSTON (ICIS)--A second US acrylic acid and acrylate esters producer announced on Thursday its intent to increase its July contract prices, citing higher raw materials costs.
BASF said in a price letter to customers that it plans to boost prices by 3 cents/lb ($66/tonne, €50/tonne), effective 1 July.
Sources predict US June propylene talks will end in a split settlement.
A buyer and seller have each said that June polymer-grade propylene (PGP) contracts could increase by 3 cents/lb while chemical-grade propylene (CGP) contracts might increase by 2 cents/lb.
If this occurs, it would be the first split settlement since March 2011, when PGP contracts fell by 5 cents/lb and CGP contracts fell by 1 cent/lb.
Glacial acrylic acid (GAA) prices for May were in a range of $1.08-$1.12/lb, as assessed by ICIS.
Buyers remained sceptical that the July efforts would succeed, insisting that the price efforts would be counterbalanced by ongoing soft market conditions including ample supply and delayed seasonal demand.
In the meantime, June acrylates contracts appeared likely to settle at rollovers based on minimal movement in May chemical-grade propylene (CGP) contract values.
US acrylates producers include Dow, Arkema and BASF.
($1 = €0.75)
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