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)
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