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US Oct propylene contracts fall 14 cents/lb on inventory

October 07/2011

HOUSTON (ICIS)--US propylene contract prices for October settled down 14 cents/lb from September, market participants said on Thursday.
Market participants earlier this week predicted a substantial drop in propylenecontract prices as a result of a build-up in refinery grade propylene (RGP) inventories.



The settlement brings the polymer-grade propylene (PGP) contract down to 64 cents/lb ($1,411/tonne, ?1,058/tonne) and chemical-grade propylene (CGP) down to 62.50 cents/lb.
RGP accounts for 60% of the US propylene market. The product traded last week as low as 55 cents/lb, down from 64 cents/lb a week earlier.
RGP bids were heard as low as 45 cents/lb on Wednesday.



US propylene contracts usually settle near the beginning of the month to which they apply.
US propylene contracts for September rolled over from August in a settlement that kept polymer-grade propylene (PGP) at 78.00 cents/lb and chemical-grade propylene (CGP) at 76.50 cents/lb.
Major US producers of PGP and CGP include Chevron Phillips Chemical, Enterprise Products,ExxonMobil, LyondellBasell, Petrologistics and Shell Chemical.
The main buyers include Dow Chemical, INEOS, Ascend Performance Materials and Total.


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Tags:PP-Impact, PP-Homo, PP-Random.
Category:General News
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