14 December 2011 20:33 [Source: ICIS news]
HOUSTON (ICIS)--US propylene contract prices for December settled down by 2 cents/lb from November, market participants said on Wednesday, as domestic inventories continue to build.
The decline was in line with market expectations.
The settlement brings the polymer-grade propylene (PGP) contract down to 56 cents/lb and the chemical-grade propylene (CGP) contract down to 54.50 cents/lb.
RGP accounts for 60% of the US propylene market. The product traded on Wednesday at 39 cents/lb, down from 40-41 cents/lb a week earlier.
US propylene contracts usually settle near the beginning of the month to which they apply.
Major US producers of PGP and CGP include Chevron Philips, Enterprise Products, ExxonMobil, LyondellBasell, Petrologistics and Shell.
Main buyers include Dow Chemical, INEOS, Ascend Performance Materials and Total.
($1 = €0.76)
For more on propylene visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|