The initial January acetone contract was heard settled at 43 cents/lb ($948/mt) Thursday, up 1.5 cents/lb from December, but all participants weren't heard to have confirmed that price, sources told Platts.
One buyer said he had already settled with his producers at 43 cents/lb because he heard there might be a double increase, so he wanted to settle it now.
Acetone contract prices are typically settled retroactively.
Sources said the acetone contract was still not fully settled, with buyers initially agreeing to 43 cents/lb.
Producer confirmation was unavailable by time of publication.
Several traders said the January contract price was too low given the rise in refinery-grade propylene prices over the last couple weeks. RGP was assessed at 64.25 cents/lb Thursday. Since January 17, RGP has climbed more than 20 cents.
Sources said producers were looking for a price closer to 46 cents/lb ($1,014/mt), with a split settlement possible.
All participants contacted by Platts said the February contract would most likely see a big jump, with several sources saying an increase of 15 cents/lb was not out of the question.
Spot acetone was last assessed Tuesday at 54 cents/lb ($1,190/mt) FOB USG.
