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Washington — European isopropyl alcohol prices skyrocketed on Tuesday to a fresh record high amid increasing demand for sanitary and hygiene products.

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The price for the spot IPA truck business was assessed up Eur1,800/mt ($1,964.82/mt) on the week at Eur3,100/mt on Tuesday, S&P Global Platts data showed, the highest since the beginning of 1994, when the Platts IPA FD NWE assessment was launched.

Demand was mainly coming from the makers of sanitary and hygiene products amid the coronavirus pandemic with material availability insufficient.

"[I am] unable to see where prices really are. One needs to have product to consider a price, too many just talking but no or very little product," a trader said.

Prior to that, a number of traders said they were sold out, the market was constantly becoming tighter and in some regions, offers reached Eur5,000-6,000/mt.

Prices have jumped sharply from around Eur800/mt three weeks ago to the current record high level.