10 March 2011 20:54 [Source: ICIS news]
HOUSTON (ICIS)--US March polymer-grade propylene (PGP) contracts settled this week after a hold-out producer agreed to a 5 cent/lb ($110/tonne, €79/tonne) decline, market sources said on Thursday.
The settlement took PGP contracts to 72.50 cents/lb, compared with 77.50 cents/lb in February, in line with initial settlements heard last week.
March chemical grade propylene (CGP) settlements were heard last week at 71.00 cents/lb, compared with February settlements at 70.00 cents/lb and 74.00 cents/lb.
Downstream polypropylene (PP) buyers and sellers previously cited expectations of a 5-10 cent/lb drop on March contracts.
Rising crude oil prices and surging international propylene markets appear to have lent support to US monomer prices and prevented a larger drop in March.
($1 = €0.72)
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