11 June 2012 16:04 [Source: ICIS news]
HOUSTON (ICIS)--US contract prices for n-butanol decreased by about 4% in June from the prior month because of lower feedstock costs, market sources said on Monday.
June contract prices for butanol have been assessed in a range of 102-107 cents/lb ($2,249-2,359/tonne, €1,799-1,887/tonne) DEL (delivered) before discounts, down from the May assessment of 106-111 cents/lb as sellers reacted to sinking prices for feedstock propylene.
Traders said that further oxo-alcohol price declines are expected mid-month as producers scramble to keep pace with declining prices for feedstock propylene.
US polymer-grade propylene (PGP) contracts for June fell last week by 15.50 cents/lb from May to hit a 30-month low.
June PGP contracts settled at 52 cents/lb, a drop of roughly 23% from May and the lowest level since 49.50 cents/lb in November 2009.
The reduction, which put chemical-grade propylene (CGP) at 50.50 cents/lb, was the second in as many months as the US contract shed 10 cents/lb in May.
($1 = €0.80)
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