27 July 2012 23:29 [Source: ICIS news]
The new IPA contract range is 72-77 cents/lb, as assessed by ICIS, and most of the decline occurred at the low end of the range.
Reductions of 5-9 cents/lb were heard throughout the month. Although a major producer dropped its monthly contract price by 5 cents/lb, better offers were confirmed by some customers.
Imports and lacklustre demand have exerted downward pressure on prices, but June feedstock chemical-grade propylene (CGP) was the primary cause. June CGP settled down by 15.50 cents/lb, but rolled over for July.
US CGP contracts for August were nominated at a rollover by one producer, potentially setting the stage for the second flat settlement in as many months. However, one source suggested propylene could drop by 2 cents/lb for August.
US IPA producers include Shell Chemicals, Dow Chemical, LyondellBasell and ExxonMobil.
($1 = €0.81)
For more on IPA, visit the ICIS Plants & Projects database
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