01 November 2013 18:54 [Source: ICIS news]
However, some sources said the fall this week was exacerbated by aggressive price cuts of up to €50/tonne by ExxonMobil. An ExxonMobil spokesman said the company does not comment on pricing.
Some traders noted that ExxonMobil's cuts were higher than the cost pass-through - estimated at €20-25/tonne - from the fall in the cost of propylene.
A trader said: “Market demand is still the same. You can go down €50/tonne and sell a lot and increase your market share temporarily. But the rest of the market will follow and everybody will just have less money. There’s no need to do that.”
Spot prices of technical-grade IPA were assessed at €1,015-1,050/tonne, down from a range of €1,030-1,200/tonne last week.
($1 = €0.74)
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