EPCA ’12: US propylene contracts for October rise 1.5 cent/lb

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.

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 = €0.77)

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By: William Lemos
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