29 July 2013 22:03 [Source: ICIS news]
HOUSTON (ICIS)--US July truck acetone prices rolled over from June, despite producers’ effort to move prices upward, sources said on Monday.
In a market many have described as foggy, July price-hike initiatives of 2-5 cents/lb ($44-110/tonne, €33-83/tonne) surfaced but were largely rebuffed, despite strong acetone demand and supply limits stemming from reduced phenol production.
“The market is in disarray,” a seller said. “Refinery-grade propylene [RGP] is not as soft as people think.”
Buyers saw the market as essentially balanced, but were able to successfully push back against the hike initiatives, based on the uncertainty of upstream RGP pricing, sources said.
The rollover held truck acetone prices in the range of 69-73 cents/lb, as assessed by ICIS, although some sources suggested there were few deals to be found above 71 cents/lb.
In the barge market, a second US buyer has confirmed that its contracts settled up by 1 cent/lb for July, but other participants were still negotiating. June’s barge acetone contract price previously increased by 4.5 cents/lb.
Major US phenol-acetone producers include Axiall, Dow Chemical, Haverhill Chemical, Honeywell, INEOS Phenol, SABIC Innovative Plastics and Shell Chemical.
($1 = €0.75)
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