13 November 2013 22:45 [Source: ICIS news]
HOUSTON (ICIS)--With three of four US acetic acid producers pushing for higher prices, buyers probably will accept some of the 2.5-3.0 cents/lb increases that have been nominated recently, sources said on Wednesday.
LyondellBasell issued the latest nomination this week, with customers receiving a letter about a 3 cents/lb ($66/tonne, €49/tonne) hike in North, Central and South America that takes effect on 1 December.
An acetic acid buyer expected customers to accept 2 cents/lb of the increase.
The LyondellBasell letter, dated 13 November, gave no reason for the hike. But proposals by Eastman and Celanese framed the issue.
Eastman’s similar proposal issued earlier this month was attributed to raw material increases. Celanese issued a 2.5 cents/lb nomination earlier this month that took effect immediately, referring to recent global methanol increases as a reason.
US methanol spot barge prices jumped 4-5 cents/gal this week. The move marked a 14% increase since late September on a number of supply issues and heavy buying by suppliers.
US acetic acid spot prices this week remained unchanged at $650-685/tonne.
BP has not issued an increase for US acetic acid.
($1 = €0.74)
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