02 July 2013 23:27 [Source: ICIS news]
HOUSTON (ICIS)--Celanese has announced a proposed 2 cent/lb ($44/tonne, €34/tonne) price nomination for ethyl acetate (etac) for July, the US producer announced on Tuesday.
The company did not specify a reason for the increase. However, in the same announcement it mentioned that it is still seeking a 4.5 cent/lb ($99/tonne) increase in acetic acid prices. Acetic acid is a feedstock for ethyl acetate.
The Celanese announcement comes after Eastman Chemical sought a 1.5 cent/lb ($33/tonne) increase in ethyl acetate in June. Buyers, however, accurately predicted that the Eastman increase would not hold. No deals for June were reported at that rate.
One source said that they have not seen major demand for etac for the last several weeks.
In feedstock, US ethylene reached a three-month settlement on Tuesday. US April ethylene was settled at 47.25 cents/lb ($1,042/tonne, €802/tonne), May ethylene at 46.25 cents/lb and June ethylene at 45.50 cents/lb, sources confirmed. The settlement puts ethylene contracts 2.5 cents/lb lower than the previous settlement, which was completed in March at 48 cents/lb.
($1 = €0.77)
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