25 November 2013 22:45 [Source: ICIS news]
HOUSTON (ICIS)--The US phenol contract range settled sharply lower for November, sources said on Monday, in line with the November benzene contract.
The 3.67 cent/lb drop took phenol to a new contract range of 77.51-81.96 cents/lb ($1,709-1,807/tonne, €1,265-1,337/tonne), as assessed by ICIS.
The decrease is linked to the November benzene contract, which recently fell by 27 cents/gal to $4.10/gal.
Previously, the October phenol contract settled marginally lower on a less-precipitous October benzene drop of 3 cents/gal.
Anemic phenol market conditions continued to hold production rates in a range of 65-70%, sources said. Additionally, there are only limited export opportunities, and derivative markets including epoxy resins and phenolic resins continue to be soft, sources said.
Major US phenol producers include Axiall, Dow Chemical, Haverhill Chemical, Honeywell, INEOS Phenol and Shell Chemical.
$1 = €0.74)
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