16 August 2013 19:20 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical is seeking a 3 cent/lb ($66/tonne, €50/tonne) price increase for September for ?xml:namespace>
The move comes after August propylene contract prices settled earlier this week at a 5 cent/lb ($110/tonne) increase.
Propylene is a feedstock for butyl acetate.
In making the announcement, Eastman cited elevated operating costs, including higher costs in raw materials, as reasons for the increase.
Earlier this week, Dow Chemical announced a 3 cent/lb increase for butac as well.
In addition to higher costs for feedstocks, increased demand from a rejuvenated automobile sector is also likely causing butac prices to increase, sources have said.
Current ICIS-assessed contract prices for butyl acetate are in the range of 84.00-87.00 cents/lb. Distributor prices are currently in the range of 86.00-90.00 cents/lb, while spot prices are in a range of 82.00-85.00 cents/lb.
($1 = €0.75)
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