30 November 2010 04:04 [Source: ICIS news]
Correction: In the ICIS news story headlined "US propylene producer seeks 3.5 cent/lb December hike" dated 30 November 2010, please read in the first paragraph …Monday… instead of …Tuesday…. A corrected story follows.HOUSTON (ICIS)--A ?xml:namespace>
The proposed 3.5 cent/lb increase for December followed a nomination for a 3.00 cent/lb hike by another supplier last week.
November polymer-grade propylene (PGP) contracts settled at 57.50 cents/lb, while chemical-grade propylene (CGP) was agreed at 56.00 cents/lb.
That supplier is also likely to push for an increase.
Limited supply and rising refinery-grade propylene (RGP) spot prices in November were among the factors supporting the higher contract prices, market sources said.
December RGP traded on Monday at 49.50 cents/lb, up from 46.25-46.50 cents/lb in the first week of November.
RGP is a key indicator for trends on the contract side because the product accounts for around 60% of US propylene supply.
US propylene contracts usually settle at the beginning of the month being negotiated.
Main buyers include Dow Chemical, INEOS, Ascend Performance Materials and Total.
($1 = €0.76)
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