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US propylene contracts for July fell by 4 cents/lb

July 18/2011

(ICIS) -- US propylene contracts for July fell by 4 cents/lb (USD 88/tonne, EUR 62/tonne), market sources said on Friday, confirming an initial settlement reached earlier this week. The agreement puts polymer-grade propylene (PGP) at 78.00 cents/lb and chemical-grade propylene (CGP) contracts at 76.50 cents/lb, as assessed by ICIS.

The drop this month was driven by lower spot prices in recent weeks, which outweighed gains in gasoline prices and concerns among some producers that alkylation levels were on an upswing.
Alkylation levels can influence the price of refinery-grade propylene (RGP), which accounts for around 60% of the US propylene market.

Refineries can use RGP as an alkylate in gasoline or sell the product to the chemical market.
RGP traded at 68.00-68.75 cents/lb this week, steady with the previous week, but down from deals done at 73.00 cents/lb in the first week of June.

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