23 May 2012 21:08 [Source: ICIS news]
The current IPA contract range is 88-90 cents/lb, as assessed by ICIS, but the range likely will be assessed down by at least 5 cents/lb before the end of May.
Buyers said IPA contract prices recently had drifted downwards by 3 cents/lb, following indications that values had weakened by an average of 5 cents/lb earlier in the month.
Price softening continued to stem primarily from sharply weaker May feedstock propylene values but also from lacklustre demand and the threat of cheaper imports.
Monthly contract values typically move in the same direction as the previous month’s chemical-grade propylene (CGP) contract, which settled flat in April but dropped by 10 cents/lb for May.
Although market conditions are putting downward pressure on IPA, most sources said the market was essentially balanced.
US IPA suppliers include Shell Chemicals, Dow Chemical, Sasol, LyondellBasell and ExxonMobil.
($1 = €0.79)
For more on IPA, visit the ICIS Plants & Projects database
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