07 June 2012 18:49 [Source: ICIS news]
HOUSTON (ICIS)--US refinery-grade propylene (RGP) for June traded at 36 cents/lb ($794/tonne, €635/tonne) on Thursday, dropping from a deal done at 38 cents/lb earlier this week and falling to its lowest level since July 2009.
US propylene prices have dropped sharply in recent weeks, pressured by weaker demand and lower prices in the upstream crude oil and gasoline markets.
RGP is a key component in the price structure of the US propylene market, as the product is used as a feedstock for higher-purity chemical- (CGP) and polymer-grade (PGP) propylene.
($1 = €0.80)
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