31 October 2013 20:06 [Source: ICIS news]
HOUSTON (ICIS)--The US October barge acetone contract settled down for the second straight month, most market participants confirmed on Thursday.
The large-buyer acetone contract fell by 1.75 cents/lb, taking the October barge price to 63.50 cents/lb ($1,400/tonne, €1,022/tonne), as assessed by ICIS.
Truck and barge values were pressured downward by a combination of weaker feedstock, year-end inventory-reduction efforts and attempts to gain market-share, market sources suggested.
The October benzene contract fell by 3 cents/gal to settle at $4.37/gal. The November benzene contract is expected to settle lower within the week.
The overall acetone market continued balanced to snug, with co-product phenol operating rates still at 65-70% on poor demand and practically no export market.
The US barge acetone contract is typically negotiated between three large producers – Georgia Gulf, INEOS Phenol and Shell – and the three largest buyers – Dow Chemical, Evonik and Lucite.
($1 = €0.73)
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