US propylene producer bumps Jan nomination to +15 cents/lb

11 January 2013 20:34  [Source: ICIS news]

HOUSTON (ICIS)--A US propylene producer has bumped its contract nomination for January for a second time this week, sources said on Friday, adding that the supplier is now seeking a 15 cent/lb ($331/tonne, €248/tonne) increase for the month.

The same producer earlier this week boosted its proposed January increase to 14.50 cents/lb, raising the initiative by 26% from its original 11.50 cent/lb nomination.

The latest nomination puts its  polymer-grade propylene (PGP) contracts at 73.00 cents/lb and chemical-grade propylene (CGP) contracts at 71.50 cents/lb, up by 26% from December.

Talk circulated in the market on Friday of potential settlements taking place at increases of 15.00 cents/lb, 16.50 cents/lb and as much as 17.50 cents/lb.

No settlements could be confirmed, but a market participant familiar with the settlement process said no large buyers were heard to have agreed to any of those numbers.

($1 = €0.75)

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By: William Lemos
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