14 December 2012 21:05 [Source: ICIS news]
HOUSTON (ICIS)--US propylene contracts rose by 1 cent/lb ($22/tonne, €17/tonne), market sources said on Friday, confirming initial settlements reached earlier this week.
The increase puts polymer-grade propylene (PGP) in December at 58.00 cents/lb and chemical-grade propylene (CGP) contracts at 56.50 cents/lb.
US propylene producers had originally nominated a rollover and an increase of 2 cents/lb for the month.
The December increase resulted from a continued strengthening in propylene spot prices, which rose in the past few weeks amid the unexpected shutdown of at least five US crackers.
US propylene contracts normally settle at the beginning of the month being negotiated. The monthly contract rose by 4 cents/lb in November, also on the back of higher spot prices.
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($1 = €0.76)
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