05 January 2012 16:19 [Source: ICIS news]
HOUSTON (ICIS)--An initial settlement for US chemical-grade propylene (CGP) propylene contracts was reached on Thursday at a rollover, market sources said.
The settlement keeps CGP contracts at 54.50 cents/lb.
No polymer-grade propylene (PGP) settlements were heard. PGP contracts settled at 56.00 cents/lb in December.
US propylene contracts had been expected to fall in January, pressured by softer spot prices in December. However, an increase in energy prices in recent days has lent renewed support to the monomer.
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.
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