17 August 2011 16:59 [Source: ICIS news]
The settlement keeps polymer-grade propylene (PGP) at 78 cents/lb ($1,720/tonne, €1,187/tonne) and chemical-grade propylene (CGP) at 76.50 cents/lb, as assessed by ICIS.
US producers had originally sought a 3 cent/lb increase for August, but buyers resisted the initiative and pushed for a rollover after crude oil prices began to fall earlier this month.
US propylene contracts usually settle at the beginning of the month being negotiated.
In the spot market, refinery-grade propylene (RGP) for August traded at 68 cents/lb this week, flat with deals done during the week ended 12 August.
RGP was bid at 67.50 cents/lb on Wednesday against a 72 cent/lb offer. PGP bid/offers were last heard at 74-80 cents/lb.
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 = €0.69)
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