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Acetic Acid prices increased by BP in US and Canada

In a major announcement made yesterday BP has increased its contract prices of Acetic Acid for the US and Canada region in July. Earlier the BP announced force majeure at its Texas plant. Following the BP declaration, DOW also force majeure at its VAM plant as it gets feedstock from BP. All these declarations led to tight supply of the chemical followed by significant hike in Acetic Acid values in international market.