07 October 2011 01:17 [Source: ICIS news]
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HOUSTON (ICIS)--US propylene contract prices for October settled down 14 cents/lb from September, market participants said on Thursday.
The settlement brings the polymer-grade propylene (PGP) contract down to 64 cents/lb ($1,411/tonne, €1,058/tonne) and chemical-grade propylene (CGP) down to 62.50 cents/lb.
RGP accounts for 60% of the US propylene market. The product traded last week as low as 55 cents/lb, down from 64 cents/lb a week earlier.
RGP bids were heard as low as 45 cents/lb on Wednesday.
US propylene contracts usually settle near the beginning of the month to which they apply.
US propylene contracts for September rolled over from August in a settlement that kept polymer-grade propylene (PGP) at 78.00 cents/lb and chemical-grade propylene (CGP) at 76.50 cents/lb.
($1 = €0.75)
Additional reporting by William Lemos
For more on propylene visit ICIS chemical intelligence
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