19 July 2013 21:54 [Source: ICIS news]
HOUSTON (ICIS)--The 3 cent/lb ($66/tonne, €50/tonne) price increase nominated by US isopropanol (IPA) producers is dead, as several this week rescinded their proposed July increase, sources said.
US IPA producers had initially asked for the increase due to higher costs for raw materials. One producer, Haltermann, withdrew the nomination earlier this month, and others followed this week, sources said.
Market sentiment the last several weeks indicated that producers struggled with tighter propylene margins and attempted to pass the costs along in the IPA market.
At the time of the nominations, several buyers predicted that the increases would fail, with many saying the IPA market was balanced with good supply.
IPA prices remain unchanged this week after last week saw a nominal increase in US spot prices of 5 cents/lb.
IPA spot prices are assessed by ICIS at 58-63 cents/lb ($1,279-1,389/tonne) FOB (free on board) export.
Sources expect that rate to remain flat the next several weeks.
($1 = €0.76)
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