07 September 2011 22:28 [Source: ICIS news]
HOUSTON (ICIS)--US propylene contracts for September began to settle flat on Wednesday, pointing to a likely second rollover in as many months for the monomer.
The initial settlements keep polymer-grade propylene (PGP) at 78 cents/lb ($1,720/tonne, €1,238/tonne) and chemical-grade propylene (CGP) at 76.50 cents/lb.
US producers had originally nominated rollovers and a 2 cent/lb increase for September, but market sentiment was that propylene would either settle flat or possibly drop.
US propylene contracts usually settle at the beginning of the month being negotiated.
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 = €0.72)
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