09 November 2010 17:12 [Source: ICIS news]
HOUSTON (ICIS)--US November propylene contracts were partially settled at a decrease of 1 cent/lb ($22/tonne, €16/tonne), market participants said on Tuesday.
A supplier was still pushing for a rollover from October, but a full settlement was expected in the next few days, a buyer said.
If finalised, a 1 cent/lb decrease would put November chemical-grade propylene (CGP) contracts at 56.00 cents/lb and polymer-grade propylene (PGP) contracts at 57.50 cents/lb, as assessed by ICIS.
“All the sudden, the C3 supply is tight again,” a buyer said, citing low refinery utilisation rates and operating problems at several olefins plants.
Another buyer said plant outages played a large role in supporting propylene prices, but rising crude oil prices were also a factor.
Polymer-grade propylene (PGP) traded at 55.25-55.50 cents/lb on Monday, and November refinery-grade propylene (RGP) traded early on Tuesday at 47.25 cents/lb.
The RGP deal was 0.75-1.00 cents higher than deals in the previous week.
($1 = €0.72)
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