02 August 2013 22:19 [Source: ICIS news]
HOUSTON (ICIS)--The US July barge acetone contract has fully settled at an increase of 1 cent/lb ($22/tonne, €17/tonne) from June, sources confirmed on Friday.
The increase takes the barge price to 64 cents/lb, as assessed by ICIS.
June’s barge acetone contract price previously increased by 4.5 cents/lb on balanced-to-snug acetone supply from continued low phenol production rates - still 65-70%.
However, acetone supply is tightening.
One supplier to the solvent and distribution market has implemented 100% sales control for August and September to ensure it can meet its contractual commitments.
Also in the truck market, at least two 5 cent/lb price-hike initiatives - effective 5 August and 15 August, respectively - have surfaced.
The US barge acetone contract is negotiated between three large producers – Georgia Gulf, INEOS Phenol and Shell – and the three largest buyers – Dow Chemical, Evonik and Lucite.
($1 = €0.76)
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