19 April 2011 18:47 [Source: ICIS news]
The 20% increase, which stemmed from tight supply and firm demand, put polymer-grade propylene (PGP) at 87.50 cents/lb, topping the 85 cent/lb record of July 2008.
The settlement in April lifted chemical-grade propylene (CGP) to 86 cents/lb.
US propylene contracts were expected to settle sharply higher in April because of an uptrend in the refinery-grade propylene (RGP) market.
US producers had initially nominated increases of 15% for the month, but later withdrew the initiatives and pushed for a larger increase because of continued gains in RGP.
RGP accounts for around 60% of the US propylene market.
Major US producers of PGP and CGP include Chevron Phillips Chemical, Enterprise Products, ExxonMobil, LyondellBasell, Petrologistics and Shell Chemical.
The main buyers include Dow Chemical, INEOS, Ascend Performance Materials and Total.
($1 = €0.70)
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