09 December 2008 21:45 [Source: ICIS news]
HOUSTON (ICIS news)--A US chemical-grade propylene (CGP) buyer settled the December price with one of its suppliers at a reduction of 10 cents/lb ($220/tonne, €169/tonne), a source said on Tuesday.
The initial settlement puts CGP at 18.50 cents/lb and follows a 30-cent/lb reduction in November, according to global chemical market intelligence service ICIS pricing.
US propylene prices have plummeted since the summer, pressured by ample supply and soft demand amid the weak US economy. ($1 = €0.77)
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