26 August 2011 17:07 [Source: ICIS news]
US PP contract prices for August were at 89-91 cents/lb DEL (delivered) ($1,962-2,006/tonne, €1,373-1,404/tonne) for homopolymer injection and raffia grade material, as assessed by ICIS.
Much of the PP market has a monomer-based contract that follows the monthly polymer grade propylene (PGP) cost. Propylene settled flat at 78 cents/lb for August.
The flat settlement was in contrast with higher prices in the secondary market, which in some cases were higher than contract prices, traders and distributors said.
"It's a twisted month," said one trader, who said generic prime PP was selling for 92-93 cents/lb when it was available. The same material was selling for 78 cents/lb in June and July, the trader said.
The higher secondary market prices were attributed to tight supply, as producers held on to inventory ahead of planned cracker turnarounds in September and October, sources said.
Major North American PP producers include LyondellBasell, ExxonMobil, INEOS, Total, Formosa, Phillips Sumika, Braskem Americas, Pinnacle Polymers, ConocoPhillips, Flint Hills Resources and Dow Chemical.
($1 = €0.70)
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