US-Asia propylene arbitrage has shut on rising US domestic refinery-grade prices

US-Asia propylene arbitrage has shut following a rise in US domestic refinery-grade C3 prices as per ICIS.Q1 and beginning of Q2 saw large cargoes of US and European aromatics, olefins and derivatives shipped to Asia because of better prices in the region compared with the West. The Western producers and traders not only gained from this, but were also able to relieve inventory pressures. The further large volumes of West-East cargoes are fixed for arrival after May. Cheaper naphtha and increased petrochemical supply are expected to take a toll on prices in June-July, creating the potential for across-the-board price corrections that could worsen by continued high levels of deep-sea cargoes.
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