14 May 2010 23:25 [Source: ICIS news]
The price drop brought May formula cumene prices to 53-54 cents/lb, according to global chemical market intelligence service ICIS pricing.
The cumene price is driven by its feedstocks, benzene and refinery grade propylene (RGP).
Upstream, US refinery-grade propylene (RGP) spot market participants remained in a standoff over pricing during the week with no deals heard.
The bid/offer range of 41.00-45.00 cents/lb seen at the end of the week was up from deals at 39.00-41.00 cents/lb a week earlier. Spot RGP is down about 10 cents from a month earlier, and 20-25 cents from two months ago.
US benzene contracts for May settled at $3.52/gal, a 4-cent increase from April when spot activity was thin.
Blue Island Phenol, Citgo, Dow Chemical, Flint Hills Resources, Georgia Gulf, INEOS, Marathon, and Shell are among the cumene producers in the US.
($1 = €0.80)
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