26 July 2013 17:56 [Source: ICIS news]
HOUSTON (ICIS)--The US cumene contract range for July weakened on lower July benzene values, sources confirmed on Friday.
The drop averaged 2.5 cents/lb ($55/tonne, €41/tonne), taking the July range to 60-61 cents/lb, as assessed by ICIS.
Prices fell in line with July benzene, which softened early in the month to $4.07/gal for July, down by 35 cents/gal from June.
Purchases of phenolic resins still appear to be down during what is typically a stronger season despite mixed but mostly positive news from the US housing market.
Nor has there been appreciable hurricane-inventory build, so far, a source indicated, adding that phenol production rates continue to be heard averaging 65-70%.
Major US cumene producers include Citgo, Flint Hills Resources, Georgia Gulf, Marathon, Philadelphia Energy Solutions and Shell Chemical.
($1 = €0.75)
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