17 November 2013 17:40 [Source: ICIS news]
CARTAGENA, Colombia (ICIS)--US acetic acid spot prices rose by $50-65/tonne (€37-48/tonne) last week in response to recent producer nominations, buyers said on Sunday.
On the sidelines of the Latin American Petrochemical Association (APLA) annual meeting, buyers confirmed recent talk that the market would accept at least two-thirds of the proposed 2.5-3.0 cent/lb hikes announced by three producers.
“This thing’s got traction – it’s got legs,” a buyer said.
The increase pushed US acetic spot prices to $700-750/tonne, from $650-685/tonne previously.
Two producers, Eastman and Celanese, attributed the hike to the rising cost of raw materials, with Celanese citing global methanol increases.
US methanol spot barge prices have jumped 14% since late September on a number of supply issues and heavy buying by suppliers.
One seller cited a spot range of $720-785/tonne, but it could not be confirmed.
The seller noted strengthening demand for derivatives – particularly in South American esters and US vinyl acetate monomer (VAM) – stemming from adjustments required because of announced European VAM plant closures.
($1 = €0.74)
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