Raw Material Trend Charts

Transcription

1 Please Note: We reference ICIS-LOR data for MMA, BA and 2-EHA ( and CDI data ( for the remainder of the raw materials. Both of these companies are industry leaders regarding pricing for these raw materials.

2 Contents 2 In the News... Pages 3-7 Natural Gas (Chart, Fundamentals).. Page 8 Crude Oil (Chart, Fundamentals)... Page 9 Costs of Key s.. Page 10 Ethylene and Propylene. Page 11 Ethylene and Propylene (Chart).. Page 12 Benzene, Styrene & Butadiene. Page 13 Benzene and Styrene (Chart).. Page 14 Typical Styrene/Butadiene Polymer Prices (Chart)...Page 15 MMA & Acetone Page 16 Acetone and MMA (Chart)..Page 17 Acrylic Monomers.Page 18 BA and 2-EHA Cost Trends (Chart) Page 19 Typical Acrylic Polymers Cost Trends (Chart)...Page 20 Published Price Increases.Page 21

3 In the News Chemical Data (CDI) Monthly Petrochemical & Plastics Analysis By CHEMICAL DATA 3 ECONOMY After economic activity was hampered by severe winter weather in January and February, a strong rebound was widely expected for March. But the results were spotty at best, prompting economists to lower GDP forecasts for this quarter and the year. Retail sales in March grew at 0.9 percent, but this was below consensus forecasts. After three months in a row of declines, the spring weather was supposed to generate a big boost from pent up demand. But that demand was muted, and without autos, retails sales was up only 0.4 percent. In fact, light vehicle sales was one of the few sectors that had a good showing for March. Sales increased to million annualized units, which was 5.5 percent above February. But it should be noted that sales growth may be getting close to saturation. A flattening trend has become visible over the past few months, starting around August, and possibly as early as June. Compared to history, 17 million is near the sustainable top. Housing starts in March should have bounced back sharply, after falling 17 percent in February from the weather. But the sector generated a meager gain of 2 percent in March, reaching 926 thousand units. Permits were up 5.7 percent. Job gains in March were more of what we have been writing about. The gains were disproportionately in fields that none of our readers would want, since it would involve a big pay cut. New jobs were only 126 thousand, and January plus February were revised downward by 69 thousand jobs. An under-appreciated drag on economic growth is the layoffs in the oilpatch, which is now clearly visible in the jobless claims data, if one parses through individual state da-ta. The loss of these high dollar jobs has been hindering retail sales, in addition to the winter weather. ISM results for March should have improved with the weather, but instead were not as strong as in February. Of particular concern, the manufacturing index was 51.5 for March, down from 52.9 in February. This is markedly lower than a few months ago. The non-manufacturing index was 56.5 for March, a shade below 56.9 in February. With cheaper oil now largely passed through, inflation has returned to a more normal level. The CPI and PPI both increased by 0.2 percent in March. Here is a brief heads up about China. Many clients have exposures to all things crazy on the other side of the world. There is growing evidence that China is not expanding nearly as much as their official numbers claim. If China s economy was really growing at 7 percent, then why did their central bank significantly loosen capital reserve requirements? If it walks like a stimulus and quacks like a stimulus, it is a stimulus. Domestic GDP growth for the fourth quarter was 2.2 percent. The first quarter number awaits, and the economic consensus has lowered expectations to 1.4 percent. This has shaved the full year number to 2.9 percent. Next year s consensus growth has been lowered slightly to 2.8 percent. (continued on next page.)

4 In the News Chemical Data (CDI) 4 Monthly Petrochemical & Plastics Analysis By CHEMICAL DATA (.continued from previous page) Petrochemical Summary Precariously Balanced (or not)... somehow we suspect the wild ride in oil prices is far from over. While many agree the longer term equilibrium price for oil is somewhere in the mid $70 s or so, the difficult part is predicting the path oil follows to eventually arrive there. For the moment, the market is attempting to find some comfort in oil prices behaving as if they ve put in a bottom. We d like to be lulled into that posture, but...it is elementary that at present, the fundamentals don t support the market s optimism. De-spite improved demand, there is simply too much oil on the market, and inventories are still rising. What if Iran is allowed to pump more? What if the sun comes out in Libya? There may yet be an-other sell off in oil prices before the market is finally cured of a lingering case of the Willies. A year from now, demand will be higher, production lower, and the world oil market in better balance. It s getting there from here that s the tricky part!.-- Monthly Petrochemical & Plastics Analysis (CDI,

5 5 In the News US Jobs Report Jobs Report: U.S. Added 223,000 Jobs In April As Unemployment Rate Ticks Down To 5.4% WASHINGTON U.S. employers resumed a solid pace of hiring last month and the jobless rate fell, priming the economy to snap back from a brutal winter. Nonfarm payrolls grew a seasonally adjusted 223,000 in April, rebounding from a weak March, the Labor Department said Friday. The U.S. added just 85,000 jobs in March, down from a previously reported 126,000. It added 266,000 in February, slightly up from the previously reported 264,000. The unemployment rate, calculated from a separate survey of households, fell to 5.4% in April from 5.5% in March. The decline reflected positive developments: The labor force grew as more Americans entered the job search and the number of Americans finding work increased. The jobless rate is moving closer to the Federal Reserve s expectation of full employment, which it pegs between 5% and 5.2%. Economists surveyed by The Wall Street Journal expected a gain of 228,000 jobs and a jobless rate of 5.4%. The April report is an initial estimate and likely to be revised as the government collects fresher data. But for now, the report suggests March s weak hiring, along with the economy s sharp slowdown in the first quarter, may have been a blip due to temporary factors. Severely cold weather, a stronger dollar and a labor dispute that clogged the flow of goods at West Coast ports all likely held back growth and hiring in the first three months of the year. Gross domestic product grew at just a 0.2% annual rate from January through March, the government said earlier this month. That estimate is likely to be revised down, perhaps showing an economic contraction, after fresh data this week showing a surging trade deficit. Many economists think the first-quarter woes were temporary and the economy will rebound this spring, as it did last year from a first-quarter contraction. The Federal Reserve predicts a bounce back and is looking for hiring to return to a strong pace as it considers raising short-term interest rates as early as this summer. Friday s report hinted at momentum. Workers hourly wages grew 3 cents to $24.87 and were up 2.2% from a year earlier. That growth is still modest, but it comes amid other signs wages are slowly picking up from the weak 2% annual pace of recent years. A broad measure of unemployment that includes Americans stuck in part-time jobs or too discouraged to look for work fell to 10.8% in April from 10.9% a month earlier. But not all signs pointed to strength. The average workweek remained unchanged at 34.5 hours. The share of Americans with jobs or looking for work remains weak historically. The labor-force participation rate rose to 62.8% from 62.7% last month, a sign of progress but still near the lowest level since the late 1970s. Last month s hiring covered several industries. Professional and business services added 62,000 jobs. Health-care payrolls grew by 45,000. Construction also added 45,000. Manufacturing and retail jobs changed little. The mining sector, covering energy industries, fell by 15, Josh Mitchell & Kate Davidson 5/8/15

6 In the News 6 US Jobs Report Economists Forecast: Here We Grow Again After a rough start to the year, economists are counting on the U.S. to bounce back in 2015 much like it did in Forecasters in the latest Wall Street Journal survey estimated the U.S. economy contracted at a 0.3% pace in the first quarter due to hits from winter weather and the West Coast port slowdown. But the panel, on average, sees annualized economic growth of 2.8% in the second quarter, supported by stronger job gains and wage growth. They also see the drag from weak trade and a strong dollar dissipating by the second half, delivering average economic growth at a 3% pace. The survey of 62 economists, not all of whom answered every question, showed a widespread expectation that consumers would start spending again after several months of avoiding the mall. The May survey was conducted before the Commerce Department reported retail sales were flat in April, but some economists played down the number. The April spending numbers will look better once we get information on services, said Stuart Hoffman of PNC Financial Services. That s where consumers are spending their money, and the April increase in restaurant sales points to greater demand for services overall. Mr. Hoffman said better job and wage growth, along with increases in home values and stock prices, should allow consumer spending to increase close to 3% this year. Consumer spending grew by 2.5% in That would help boost overall growth. In its first pass at the first-quarter data, the Commerce Department in late April estimated gross domestic product grew at an annual rate of 0.2% after adjusting for inflation. But other first-quarter data released since then have been weak, leading economists to expect a contraction once the figures are revised. The economists first-quarter rethink brought down the forecast for all of 2015 to 2.2% from 2.7% expected in the April survey. That means growth for all of 2015 is expected to be another disappointment, falling below 2014 s 2.4% rate instead of eclipsing it as many economists originally expected. Despite modest growth, economists expect stronger hiring ahead. On average, nonfarm payrolls are expected to rise by 223,000 per month for the final three quarters of 2015, better than the 184,000 pace of the first quarter. The unemployment rate is forecast to fall to 5.1% by the end of this year from 5.4% in April. Solid job growth and low energy prices could stir spending, said Michael Moran of Daiwa Capital Markets. The economic outlook for the rest of 2015 would be brighter, say many forecasters, if not for the strong dollar s impact on foreign trade and cheap oil s squeeze on the energy sector. Those sectors already cut into first-quarter economic activity and payrolls. A widening in the foreign-trade gap subtracted 1.25 percentage points from first-quarter GDP growth, and the mining sector, which includes oil drilling, has laid off almost 49,000 workers so far this year. Gregory Daco of Oxford Economics said the worst of the pain may have already occurred, especially since energy companies reacted quickly to cheap oil by cutting payrolls and capital-spending plans. While trade and energy will still have an impact, the drag will be less in the second half, he said. Problems from abroad remain the biggest risk economists identified that would cause the U.S. economy to grow at a slower pace than now expected. The drag could come in one of two forms: Weaker overseas growth coupled with the strong dollar could slow U.S. exports. Or, a geopolitical event, such as an escalation in the Russia-Ukraine crisis, could rattle global financial markets and weigh on the broader economy. Due in part to the economy s weak first-quarter data, a growing majority of forecasters expects the Federal Reserve to wait until September to raise interest rates. In the May survey, 73% of the economists said the first rate increase will be announced at the Fed s September meeting. That s up considerably from the 19% who expected that in the January survey. Less than 7% of panelists now expect a June rate rise versus 50% who thought that in January. by Kathleen Madigan 5/14/15

7 In the News Short-Term Energy Outlook U.S. Economic Assumptions.. 7 Recent Economic Indicators -- The Bureau of Economic Analysis reported that real gross domestic product (GDP) grew at an annual rate of 0.2% in the first quarter of Personal consumption expenditures and private inventory investment contributed positively to this initial estimate, and they were partly offset by negative contributions from exports and nonresidential fixed investment. Production, Income and Employment -- Forecast real GDP growth reaches 2.6% in 2015 and slows to 2.4% in Growth is expected to rise in 2015 because of increases in consumer purchases. However, a stronger dollar and lower demand from slower-growing economies are expected to reduce export growth and raise import growth. Real disposable income grows by 3.3% in 2015, above the 3.1% forecast last month, and by 2.0% in Total industrial production grows at 1.6% in 2015 and 2.5% in Projected growth in nonfarm employment averages 2.0% in 2015 and 1.2% in Expenditures -- Forecast private real fixed investment growth averages 4.6% and 7.1% in 2015 and 2016, respectively, led by equipment in 2015 and 2016 and by equipment and structures in Real consumption expenditures grow faster than real GDP in 2015 and 2016, at 3.1% and 2.6%, respectively. Durable goods expenditures drive consumption spending in both years. Export growth is 2.1% and 4.2% over the same two years, while import growth is 3.7% in 2015 and 7.1% in Total government expenditures rise 0.9% in 2015 and 0.4% in US Energy Information Administration, May 15, 2015

8 Natural Gas 8 NATURAL GAS (feedstock for the supply of Ethylene and Propylene) Nat Gas Henry Hub Pit (Cme) July, 2015 (5-yr period) Nat Gas Henry Hub Pit, (Cme) Jul, 2015 Source: May 13, 2015 Natural Gas Prices The Henry Hub natural gas spot price averaged $2.61/MMBtu in April, a decline of 22 cents/mmbtu from March. EIA expects monthly average spot prices to remain lower than $3/MMBtu through August, and lower than $4/MMBtu through the remainder of the forecast. The projected Henry Hub natural gas price averages $2.93/MMBtu in 2015 and $3.32/MMBtu in 2016, 14 /MMBtu and 13 /MMBtu, respectively, lower than in last month's STEO. Natural gas futures contracts for August 2015 delivery traded during the five-day period ending May 7 averaged $2.85/MMBtu. Current options and futures prices imply that market participants place the lower and upper bounds for the 95% confidence interval for August 2015 contracts at $1.98/MMBtu and $4.11/MMBtu, respectively. At this time last year, the natural gas futures contract for August 2014 delivery averaged $4.78/MMBtu and the corresponding lower and upper limits of the 95% confidence interval were $3.63/MMBtu and $6.31/MMBtu. --US Energy Information Administration 5/13/15

9 Crude Oil 9 Source: 5/13/15 Crude Oil (Nymex), May, 2015 Brent Crude Last Day (Cme) Jun, 2015 North Sea Brent crude oil prices averaged $60/barrel (b) in April, a $4/b increase from March and the highest monthly average of Despite increasing global inventories, several factors contributed to higher prices in April, including indications of higher global oil demand growth, expectations for declining U.S. tight oil production in the coming months, and the growing risk of unplanned supply outages in the Middle East and North Africa. EIA forecasts that Brent crude oil prices will average $61/b in 2015 and $70/b in 2016, $1/b higher and $5/b lower than in last month's STEO, respectively. Average WTI prices in 2015 and 2016 are expected to be $6/b and $5/b below Brent, respectively. The current values of futures and options contracts for December 2015 delivery suggest (Market Prices and Uncertainty Report) the market's expectations (at the 95% confidence interval) for WTI prices in that month range from $41/b to $97/b. ---U.S Energy Information Administration, 5/13/15

10 10 Costs of Key s June 2015 Estimated Prices vs. December 2014 Actual Cost Comparison of major raw materials year over year Dec-14 vs. Dec-13 Jun-15 vs. Dec-14 Propylene (CGP) Increase / (Decrease) -13.0% -37.5% Building Block N-Butyl Acrylate (BA) Increase / (Decrease) -3.7% -18.1% End Product 2- Ethylhexyl acrylate (2-EHA) Increase / (Decrease) -2.5% -19.5% End Product Acetone Increase / (Decrease) -16.9% -30.2% Building Block Methyl Methacrylate (MMA) Increase / (Decrease) 10.1% -8.1% End Product Ethylene Increase / (Decrease) -20.7% -5.9% Building Block Benzene Increase / (Decrease) -24.8% -5.0% Building Block Styrene Increase / (Decrease) -17.5% -10.2% End Product Butadiene (BD) Increase / (Decrease) -20.3% -30.3% Building Block Note: For propylene, an increase / (-decrease) means that in December 2014 the price of propylene decrease 13.0% when compared to the December 2013 value, whereas the June 2015 estimated price is 37.5% lower than the December 2014 value.

11 11 Ethylene and Propylene ETHYLENE (C 2 Olefins) Key feedstock to manufacture Styrene, Vinyl Acetate Monomers (VAM), Polyvinyl Acetates (PVAc), Vinyl Acetate Ethylene (VAE) and other related products Contract ethylene prices for March settled down a half cent to For April, with weighted average costs up about a penny, and spot ethylene prices slightly higher, we expect contract ethylene prices to be up by 0.75 cents to 1.0 /Lb. We ve penciled in an even 35.0 as our contract price estimate for April. Upward revisions to our oil price forecast has led us to raise our forecast ethylene prices by one to two cents per pound. We now have Brent averaging $66/B next year, instead of $63.50/B. Shintech has announced they are proceeding with the construction of their first ethylene cracker. The 500kt plant will cost $1.4B. The unit is expected to be in operation by mid There are now 7 new ethylene units under construction in the U.S.---Monthly Petrochemical & Plastics Analysis (CDI) April 2015 PROPYLENE (C 3 Olefins) Key feedstock to manufacture Acrylic Acid, Acrylonitrile, Butyl Acrylate, 2-Ethylhexyl Acrylate and Polyurethane After falling 1.5 /Lb in March contract prices for chemical grade propylene fell 6 /Lb in April to 41.5 /Lb. From the looks of things, April does not appear to be the bottom of the slide. We ve added another half penny to the May decline, and have estimated down 3 /Lb (maybe 4) for next month.--monthly Petrochemical & Plastics Analysis (CDI) April 2015

12 Ethylene and Propylene 12

13 Due to that downstream operating issue we mentioned, we have pulled our near term price forecast down a couple of cents. We had prices gaining 2-3 cents in the near term, but now we look for prices to move sideways to slightly higher between now and mid-year. The longer term forecast has prices making steady gains through 2016, with prices approaching 50 /Lb. This price forecast leans heavily on our oil price forecast, so any surprises in the oil market would affect our BD forecast..---monthly Petrochemical & Plastics Analysis (CDI) Benzene, Styrene and Butadiene 13 BENZENE (C 6 Olefin) Key raw material to manufacture Styrene, Acetone Methyl Methacrylate, Nitrobenzene Urethanes The April contract price for benzene showed the kind of rebound we have been expecting for this product. The April contract price for most of the volume settled at $2.58/gallon (a minor portion of the market settled at $2.60, we are using the mostly widely used contract price of $2.58). This was a 50 cent increase from March. We are now expecting the May contract benzene price to settle in the $ /gallon range. We have June estimated at $3.20. This comes with the caveat that there is no significant sell off in oil prices.--monthly Petrochemical & Plastics Analysis (CDI) April, 2015 STYRENE Key feedstock is Ethylene (C 2 Olefins) and Benzene ( Aromatics ) The net increase in costs this month, along with tight balances, is expected to push SM large buyer contract prices up 6 cents per pound, following last month s 0.5 cent per pound increase. A 6 cent increase in contracts would put our posted prices up and into a range of 49.5 to 53.5 cents per pound, before discounts this month. Next month, with our view benzene contracts will rise another 30 to 35 cents per gallon we have penciled in SM large buyer contract prices rising 3.5 cents to 53 to 57 cents per pound.--monthly Petrochemical & Plastics Analysis (CDI ) April 2015 BUTADIENE Key feedstock is a mixture of C4 Olefins such as Butenes and Butane. Butadiene is used to manufacture Styrene Butadiene polymers Contract prices also bottomed out in February, rolling over into March, at about the same level as spot prices (29.12 /Lb). Contract prices gained slightly this month as three sellers rolled their prices into April, while one raised theirs a penny. One seller is at 27, with two at 29, and a fourth at 35. The weighted average, based on estimated capacity, is /Lb.

14 Benzene and Styrene 14

15 Typical Styrene/Butadiene Polymer Prices 15

16 Acrylic Monomers 16 Methyl Methacrylate (MMA): More then 80% of MMA worldwide is produced by the esterification of methacrylamide obtained from Acetone Cyanohydrin. US May methyl methacrylate (MMA) contracts are likely to fall on lower feedstock pricing, sources said the week ended 1 May. With the April barge acetone contract falling 8.75 cents/lb ($193/tonne) from March, market participants say MMA producers will have to pass through at least some of the drop to buyers. A buyer said that while May MMA contracts may not reflect the full extent of the acetone decrease, it expected a drop of at least several cents per pound. Dow Chemical said this week that it has applied sales order control to its US MMA customers, effective immediately or as permitted by contract. The company cited supply tightness in taking the action. It also announced an off-list MMA price increase of 3 cents/lb, effective June 1 or as contracts permit. Most sources said overall supply remains balanced, with buyers having little difficulty obtaining product. Supply is expected to tighten in the weeks ahead on seasonal factors. Inventories could also be affected by planned outages, though market players said they are confident producers have sufficient reserves on hand to meet demand. Buyers are said to be rebuilding inventories after several months in which demand was soft due to harsh weather and the expectation of lower prices.---icis Pricing 5/1/15 ACETONE Key feedstock for Methyl Methacrylate (MMA). Acetone is traditionally a product of Propylene, but can also be produced via a Benzene process. The large buyer barge price settled for March at /Lb, which was a quarter cent below our prediction. When this was written, the large buyer market had just reported its first settlements for April. They were 39.5 /Lb. Our model suggests May will be close to 36.5 /Lb.--Monthly Petrochemical & PlasticsAnalysis (CDI) April 2015

17 Acetone & Methyl Methacrylate 17

18 Acrylic Acid Acrylic Monomers 18 Acrylic Acid Butyl Acrylate (BA), 2-Ethylhexyl Acrylate (Propylene building block): Butyl Acrylate (BA): Is made from Propylene through a chain of reactions. 2-Ethylhexy l Acrylate (2-EHA): Is made from Propylene. Acrylates flat to weaker for April US acrylic acid and acrylate esters free-market contract prices were assessed mostly flat for April, although some products weakened in the negotiated market on fundamentals including plentiful supply, middling demand and mildly weaker upstream March feedstock chemical-grade propylene (CGP). In the US acrylates market, the prior month s CGP contract movement - March propylene declined by 1.5 cents/lb ($33/tonne) - typically informs the current month s acrylates contract-price movement. While formula pricing was confirmed lower by about 1 cent/lb ($22/tonne) across the product range, freely negotiated prices did not move uniformly. Weakness was confirmed for 2-ethyl hexyl acrylate (2-EHA) and methyl acrylate (methyl-a). The consensus among buyers is that the start-up of Arkema s domestic methyl-a production late last summer is exerting strong downward price pressure on methyl-a. While a reduction of 4 cents/lb for April methyl-a was heard from one source, reductions totaling as much as 8 cents/lb during April and May were suggested likely. 2-EHA sellers appeared eager to move that product as well, with small reductions confirmed for April and deeper cuts expected for May in the wake of April CGP s precipitous 6 cent/lb drop. Sources confirmed that glacial acrylic acid (GAA) was broadly flat from March as softer feedstock was counterbalanced by weaker supply-and-demand conditions. The other esters were also assessed flat. Demand is slightly stronger year on year, sources said, but most still broadly described it as soft, though spring paint and coatings demand is healthier except in the US northeast where inclement weather has somewhat delayed buying interest in that region. Adhesives demand, however, was described by a couple of sources as stronger versus the year-ago period but softer than expected.--icis News 4/29/15

19 BA and 2-EHA Cost Trends 19

20 Typical Acrylic Polymers Cost Trends 20

21 Published Price Increases Company Effective Date Date Announced Amount Chemistry Market Arkema September 20, 2013 September 6, % - 15%/ wet lb Acrylic, styrene-acrylic latexes All markets September 23, 2014 September 14, 2014 $0.02-$0.04/ wet lb Acrylic, styrene-acrylic latexes, xsb all markets Omnova February 7, 2014 January 24, 2014 up to $0.08/ wet lb acrylic, styrene acrylic, and vinyl acrylic specialty markets April 14, 2014 March 26, 2014 up to $0.10/wet lb Vinyl acrylic, styrene butadiene paper,carpet and packaging markets August 1, 2014 July 21, 2014 up to $.04/wet lb Vinyl acrylic, vinyl acetate emulstion polymers specialty markets Jan 1st, 2015 Dec 9th, 2014 $0.03/ dry lb Latex sold in paper, carpet, and specialty business May 15th,2015 April 27th, 2015 up $0.10/dry and $0.0XSB and styrene acrylic Styron/Trinseo February 18, 2013 January 18, $0.07 /dry lb SB, Acrylic All markets February 3, 2014 January 16, /lb acrylonitrile-butadiene-styrene All markets December 1, 2014 November 12, 2014 $0.03/ dry lb Styrene butadiene and acrylic latex products carpet, paper, performance latex May 15th, 2015 April 30th, 2015 $0.10/ dry lb carpet, paper, performance latex Mallard Creek March 1, 2014 January 31, %-6% Acrylic, styrene-acrylic, styrene butadiene All markets February 1, 2013 January 28, $0.03 / wet lb Acrylic, styrene-acrylic All markets February 18, 2013 January 30, $0.08 / dry lb/ $.06/d SB/ Acrylic latex Carpet BASF September 23, 2013 September 3, $0.04 /wet lb Acronal All markets February 17, 2014 February 3, $ /wet lb Acronal and XSB Constr. And Fiberbonding Celanese September 30, 2013 September 16, $0.04 / wet lb Acrylic, styrene-acrylic All markets September 30, 2013 September 16, $0.02 / wet lb VAE All markets April 1, 2014 March 7, / wet lb VAE All markets Oct 6th,2014 Nov 1st, / wet lb VAE, vynil acrylc emulsions adhesives, paints and coatings, building products, nonwovens, glass fiber, carpet, paper and textiles Momentive February 1, 2013 January 21, $0.05-$0.08 /wet lb Acrylic, styrene-acrylic, vinyl-acrylic February 15, 2014 January 17, $ /wet lb acrylic, styrene acrylic, vinyl acrylic Adhesives, Nonw ovens, Specialty markets adhesives, textiles, nonw ovens and other speciality markets Reichhold February 15, 2013 January 16, % All coating resins Coatings Wacker May 1, 2013 April 12, $0.03 / wet lb Vinnapas VAE & EVC based dispersions All markets Synthomer April 8th, 2015 April 8th, Euro/t Vinyl Acetate Monomer