07 October 2012 17:45 [Source: ICIS news]
BUDAPEST (ICIS)--US propylene contracts for October settled up by 1.5 cent/lb ($33/tonne, €25/tonne) just under the nominations put forward for the month, a market source said on Sunday.
The 3% increase puts polymer-grade propylene (PGP) contracts at 53.00 cents/lb and chemical-grade propylene (CGP) at 51.50 cents/lb.
US propylene producers had originally nominated increases of 2 cents/lb and 4 cents/lb for October.
Although the increase was below the nominations, it was still slightly above what we had expected, a buyer said on the sidelines of the 46th annual European Petrochemical Association (EPCA), which runs from 6-10 October.
US propylene contracts normally settle at the beginning of the month being negotiated.
The increase in October is the second in as many months as the September contract rose by 1 cent/lb.
The main buyers include Dow Chemical, INEOS, Ascend Performance Materials and Total.
($1 = €0.77)
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