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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections