01 May 2013 21:51 [Source: ICIS news]
HOUSTON (ICIS)—US spot prices for propylene fell on Wednesday despite industry data the previous day showing a year-on-year drop in first-quarter production.
US spot prices for refinery-grade propylene (RGP) fell to 47.5 cents/lb ($1,047/tonne, €796/tonne), down from 50.0 cents/lb on Tuesday.
The decline came despite data from the American Fuel & Petrochemical Manufacturers (AFPM) showing a 0.1% year-on-year decline in first-quarter propylene production.
According to the data, US Q1 propylene production was 3,209,768 tonnes, down from 3,212,841 tonnes.
Quarter on quarter, production fell by 2.9% from 3,304,459 tonnes.
The data showed that inventory levels in the first quarter also fell year on year, by 12%.
Inventory levels were at 638,785 tonnes in Q1 2013 compared with 726,354 tonnes in Q1 2012.
Quarter on quarter, inventory levels dropped 5.8% from 678,204 tonnes in Q4 2012.
($1 = €0.76)
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