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Propylene prices expected to shoot up in June
29
May '09
U.S propylene prices have increased by 6 cents per lb to an average level of 54 cents per lb, according to the latest survey by the U.S. National Association of Petrochemical and Refining, but the price hike is due to limited supply, not demand increase.

Propylene output of the first quarter in the United States reached 7.22 billion pounds, down 17 percent from 8.67 billion pounds of the corresponding time last year and fell by 7.4 percent when compared with the fourth quarter of 2008.

The U.S. National Association of Petrochemical and Refining said that domestic stock of propylene reached 1.57 billion pounds in the first quarter of this year, down 15 percent from the inventory of 1.85 billion pounds in the fourth quarter of 2008.

The U.S. Energy Information Administration has reported that operation rate of domestic refineries stood at 85 percent in April. Propylene prices have increased from 47 cents per lb to 54 cents per lb in the past few weeks.

Tight supply and high energy prices could impact early June contract prices and take it to 60 cents per lb, an increase of 6 cents per lb from that prevailing in the current month.

Fibre2fashion News Desk - India

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