Ethyl acetate flows to Europe from across the Atlantic have slimmed down amid strength in the North American market, one producer said Wednesday.
ETAC production rates in the US have been reduced as producers favored production of other derivatives of acetic acid. This has led to a consistent increase in spot ETAC prices in North America in the past six weeks, making it the highest-priced region.
"We are keeping more material in America," a producer said.
Spot prices in the US rose 11 cents/lb, or $242.44/mt in the past six weeks and are now hovering at $1,400/mt FOB USG, the highest levels since January 2015.
Eastman Chemical has increased its pricing by 3 cents/lb ($66.12/mt) effective June 1. This follows a similar announcement from Celanese, which increased the prices by 3 cents/lb. Eastman, Celanese and Sasol all previously announced an 8 cent/lb increase for ETAC prices for May.
In Europe, ETAC prices in the same period rose by Eur80/mt to Eur990/mt ($1,110.63/mt) FD NWE this week. The prices increased initially by Eur120/mt to Eur1,030/mt in the fourth week of May, but have tailed off since then.
Mexico is the key supplier of ETAC into Europe from the American continent.
