25 March 2013 17:35 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--The US spot propylene market could be nearing its downside, a trader said on Monday on the sidelines of the International Petrochemical Conference (IPC).
The trader said that spot polymer-grade propylene (PGP) prices could fall another 1-2 cents/lb ($22-44/tonne, €17-34/tonne) in the coming weeks on soft demand.
“I don’t think you’ll see the price fall below 60 cents/lb,” the trader said. “I think people will start supporting the price at that level.”
The trader added that spot prices on propylene derivatives in Asia are also likely to support a spot PGP floor of 60 cents/lb in the US.
Hosted by the American Fuel & Petrochemical Manufacturers, the IPC continues through Tuesday.
($1 = €0.77)
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