US October cumene prices remain stable amid quiet trade
The US cumene contract price was stable in the week ending on 11 November, but market sources expect to see prices weaken in line with those for feedstocks and cumene’s primary end-use markets, phenol and acetone.
Both phenol and acetone prices held steady during the week, but both were experiencing some severe downward pressure because of weak demand and lengthening supplies.
The US barge acetone contract price for October fell 15 cents/lb ($331/tonne, €231/tonne) DEL to 46 cents/lb from the September settlement of 61 cents/lb on propylene prices and softened demand.
US phenol prices were feeling downward pressure from lower benzene values as well as weak demand.
Market sources said US cumene values were expected to drop to around 46-48 cents/lb in the near future.
Demand for cumene is also reduced as phenol/acetone producers try to keep inventories at a minimum ahead of year-end inventory tax assessments.
US benzene and RGP markets are quiet
In feedstocks, the US aromatics and olefins markets were relatively quiet this week. The US spot benzene price range was quoted around $3.23-3.27/gal FOB mid-week, but dropped back down to $3.16-3.19/gal FOB by Friday.
The US November benzene contract price settled at $3.15/gal, down 18 cents/gal below October contract prices on weaker spot pricing and softened domestic demand.
The spot refinery-grade propylene (RGP) bid/offer range for November was heard at around 45-47 cents/lb, down from a 4 November bid of 48 cents/lb.
Cover editor: Suzanne McElligott
($1 = €0.74)
This week on ICIS – www.icis.com
10/11/2011 20:11 US September acetone exports up by 53% year-on-year
09/11/2011 10:27 Japan’s MRC, Lucite to develop bio-based MMA production tech
09/11/2011 01:36 South Korea’s Kumho P&B runs phenol/acetone plants at 70%
08/11/2011 03:54 Propylene costs expected to surge in cumene production
04/11/2011 17:27 Cepsa plans major debottlenecking and acquisitions
The 10th European Aromatics & Derivatives Conference
22-23 November 2011, Amsterdam
http://www.icis.com/europeanaromatics
