27 September 2013 22:00 [Source: ICIS news]
HOUSTON (ICIS)--Sasol has nominated a price increase of 3 cents/lb ($66/tonne, €49/tonne) for US methyl ethyl ketone (MEK) effective 15 October, the company announced on Friday.
The move follows Sasol’s 5 cent/lb MEK increase nomination made in September, which did not find any buyers in the market. Sources speculated that Friday’s MEK nomination was announced because the company is trying to recover margins lost when the previous nomination failed.
ExxonMobil also made a 5 cent/lb MEK nomination in September, but that increase appears to have failed in the market as well.
MEK prices are at their lowest levels in two years. There has been little movement in contract and spot prices in 2013.
MEK contract prices are currently assessed by ICIS at 79.00-81.00 cents/lb ($1,742-1,786/tonne). Spot prices are assessed in a range of 73.00-77.00 ($1,609-1,698/tonne).
($1 = €0.74)
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