15 November 2012 18:51 [Source: ICIS news]
HOUSTON (ICIS)--US November propylene contracts settled higher on Thursday, sources confirmed, despite some late momentum for a lower settlement.
Contracts for chemical-grade propylene (CGP) and polymer-grade propylene (PGP) settled higher by 4 cents/lb ($88/tonne, €69/tonne) from October.
The settlement puts US CGP contracts at 55.5 cents/lb and US PGP contracts at 57.0 cents/lb.
Sources said there was a late push from buyers for a lower settlement, as they argued US PGP spot prices have come down.
US PGP for November most recently traded at 53 cents/lb on Wednesday, lower than deals done the previous week between 55-56 cents/lb.
In the past four weeks, however, PGP spot prices have increased by 2.5 cents/lb.
US November propylene contracts were initially nominated up 5 and 7 cents/lb.
The increase for November is the third in a row, as September contracts gained 1 cent/lb and October contracts gained 1.5 cents/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 = €0.78)
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