Ineos Phenol plans to increase its US acetone prices by 6 cents/lb ($132.28/mt) on February 4, according to a letter the company sent to its customers January 25 and obtained by Platts Wednesday. 

Ineos produces 1.2 million mt of acetone annually in the US. 

The reason for the increase is a rise in refinery grade propylene prices and market tightness, a source said. 

Acetone was last assessed by Platts at 63 cents/lb on Tuesday, with prices were talked around 60-66 cents/lb. 

RGP was assessed at 73 cents/lb ($1,609.36/mt) Tuesday as prices continued to rise on market tightness. At the start of the January, RGP was assessed at 53 cents/lb delivered ($1,168.44/mt).