13 October 2008 22:42 [Source: ICIS news]
HOUSTON (ICIS news)--Some US propylene contracts for September-October settled down by a combined 25 cents/lb ($551/tonne, €408/tonne), but sources on Monday said that a full market agreement was yet to be reached.
According to sources, three producers have agreed to the new double-month settlements, but some buyers and at least two producers have not accepted the decrease.
“It is still a mixed bag,” one buyer said.
US propylene contract negotiations for September and October stalled after Hurricane Ike, as buyers refused to accept a proposed combined cut of 20 cents/lb for both months.
US polymer-grade propylene (PGP) contracts for September initially settled down 20 cents/lb before Ike hit the ?xml:namespace>
Settlements at a drop of 15 cents/lb were heard after the hurricane, leaving the market split.
Some buyers and sellers then converged to a single combined settlement of down 20 cents/lb, but that was not fully accepted as a subsequent drop in energy prices prompted buyers to seek a larger reduction.
Equistar, ExxonMobil, Chevron Phillips Chemical, Shell Chemical and Enterprise Products are among the major
Total, Solutia, Dow Chemical, Rohm and Haas and INEOS are among the main buyers.($1 = €0.74)
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