06 February 2007 21:12 [Source: ICIS news]
HOUSTON (ICIS news)--The US market settled at split levels for January polymer (PGP) and chemical (CGP) grade propylene at an increase of 2.25-2.50 cents/lb over December levels, contract buyers and sellers said on Tuesday.
The settlement takes January PGP prices to 42.75-43.00 ($942-948/tonne) cents/lb and CGP prices to 41.25-41.50 cents/lb, according to global chemical market intelligence service ICIS pricing.The final settlement follows particularly drawn-out negotiations that began with an initial settlement between a major supplier and its customer at plus 2.25 cents/lb, which covered PGP and CGP, sources said.
Other supply partners followed with an agreement to raise prices by 2.5 cents/lb, while the original number still held. Typically, the market settles at one number.
Prices rose amid firming spot prices for refinery grade propylene (RGP) as well as rising demand for polypropylene (PP), sources said.
Equistar, ExxonMobil, Chevron Phillips, Shell and Enterprise are among the major US producers of PGP and CGP. Basell, Total, Solutia, Dow Chemical, Rohm and Haas and INEOS are among the buyers.
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