US-headquartered chemicals company Celanese has announced a Eur60/mt price increase for ethyl acetate (ETAC) in Europe and the Middle East, effective February 1, it said in a statement.
The European spot price of ETAC was assessed at Eur765/mt FD NWE last week.
On Tuesday, product was heard offered in a range of Eur750-Eur770/mt FD NWE.
A trader said price increases for ETAC seemed optimistic at the moment "We will have to see what ethylene does this week; that will dictate prices [in Europe]," the trader said. "There are signs of a potential downside, but I am keeping prices stable until I see what ethylene does."
One Europe-based chemicals distributor said ETAC supply in Europe was ample.
"There is too much material around," the distributor said. "Demand is OK, but could be better."
The December contract price of ethylene settled at Eur900/mt FD NWE, and expectation for the January contract price is bearish, sources have said.
