12 November 2013 19:20 [Source: ICIS news]
HOUSTON (ICIS)--US vinyl acetate monomer (VAM) spot prices rose $10/tonne (€7.50/tonne) during the past week because of a jump in a key raw material, sources said on Tuesday.
The VAM free on board (FOB) export range bumped up to $930-1,030/tonne from the previous $920-1,020 because of a rise in US ethylene, sources said.
Spot ethylene edged up to 51.50-52.25 cents/lb ($1,135-$1,152/tonne), a gain of 5.3% from 47.50-51.00 cents/lb a week earlier as ethylene spot prices continued to climb on bargain buying, hitting a seven-week high.
Ethylene historically has been a big determinant in the US VAM price, representing about 38% of the monomer’s value in many formula-based contracts.
Major US VAM sellers include Celanese, Dow Chemical, DuPont and LyondellBasell.
($1 = €0.75)
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