29 August 2013 21:42 [Source: ICIS news]
Spot IPA prices increased 2 cents/lb ($44/tonne, €33/tonne), to a range of 62.00-67.00 cents/lb from 60.00-65.00 cents/lb.
A trader said this week that it had purchased two rail cars of IPA FOB (free on board) at 67 cents/lb. The trader was said to have heard that producers were also seeking to sell IPA at 70 cents/lb.
The trader said it attempted to purchase more IPA but could not negotiate a lower rate.
The trader said it seemed that producers were heading toward 70 cents/lb for spot IPA and were sticking to it.
Another source on Thursday indicated that spot IPA rates were in the high 60s cents/lb. The source indicated that sentiment was that the price hike nominations made by several companies would likely hold over the next few weeks.
A third source on Thursday said that it was told by a large IPA producer that another propylene price increase for October was possible, and that the producer was looking ahead at possible IPA price increases for that month as well.
In early August, Shell, Sasol, Dow and ExxonMobil announced IPA price increase nominations.
Shell sought a 3 cent/lb increase, while Sasol, Dow and ExxonMobil sought 5 cent/lb increases.
Current ICIS-assessed contract prices for IPA are in the range of 76.00-78.00 cents/lb.
($1 = €0.75)
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