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Asian acetone spot prices hit record highs

September 21/2011

(ICIS) -- Asian acetone spot prices hit record highs and are likely to continue rising on the back of tight supply and steady demand from the downstream solvents sector, market sources said on Wednesday.

Acetone prices have gained over 10% from mid-July levels to the latest assessment of USD 1,180-1,220/tonne (EUR 861-891/tonne) CFR (cost and freight) China on 16 September, according to ICIS data. An expected demand pick-up from the downstream solvents sector in October may fuel further price gains in the weeks ahead.

Acetone imports in China in May and June were down 41.6% and 16% year on year, respectively, according to data from the China Customs. A dearth of deep-sea cargoes was the major reason behind the sharp declines in import volumes, sources said.

Meanwhile, a buying spree of deep-sea material has been going on since the start of September, with over 10,000 tonnes heard to have changed hands every week.

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