26 June 2013 21:19 [Source: ICIS news]
Correction: In the ICIS story headlined "US June acyrlates contracts settle flat on soft market conditions" dated 26 June 2013, please read in the second paragraph ... which decreased by only 1 cent/lb ... instead of ... which increased by only 1 cent/lb. ... A corrected story follows.
HOUSTON (ICIS)--US acrylic acid and acrylate esters contract prices settled at rollovers for June, sources confirmed on Wednesday.
The flat settlements were largely attributed to soft market conditions and nearly static May feedstock chemical-grade propylene (CGP), which decreased by only 1 cent/lb ($22/tonne, €17/tonne) from April.
The rollover holds glacial acrylic acid prices at $1.08-1.12/lb, as assessed by ICIS.
In the meantime, the three major US producers have announced plans to increase July acrylates prices by 3-5 cents/lb ($66/tonne).
Spot export values continued broadly flat, but in some cases, suppliers were heard to have offered discounts in order to move volume.
Buyers remain sceptical of the largest contract proposal, and a couple of customers said supply is too ample and demand is too soft to warrant any July increases despite initial June CGP gains of 2 cents/lb.
“I expect July acrylates to be flat,” a coatings customer said. “I see no reason to take any increases, because there is plenty of supply and relatively stable feedstock.”
US producers include Arkema, Dow Chemical and BASF.
($1 = €0.76)
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