06 September 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European September phenol contract price has increased by €31/tonne ($41/tonne), following the same hike in the value of its major feedstock, benzene, sources confirmed on Friday.
The contract settled on a pre-discounted basis at €1,541-1,581/tonne FD (free delivered) NWE (northwest Europe).
The European September benzene contract was agreed at €977/tonne FOB (free on board) NWE.
“Phenol is sluggish, and there is not a lot of [by-product] acetone around,” a producer said.
“Phenol is up by €31/tonne,” another producer said.
Operating rates have been reduced for more than a year because of a lack of phenol exports to Asia, weak macroeconomic conditions and poor demand for major derivative bisphenol A (BPA).
($1 = €0.76)
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