11 February 2013 21:38 [Source: ICIS news]
HOUSTON (ICIS)--US propylene contracts for February have started to settle at an 8% gain, sources said on Monday.
Several sources said they have reached February settlements for propylene at an increase of 6 cents/lb ($132/tonne, €99/tonne), lower than initial nominations of 7 and 9 cents/lb.
The increase puts polymer-grade propylene (PGP) at 79.0 cents/lb and chemical-grade propylene (CGP) at 77.5 cents/lb.
The increase comes on the back of tightened supply because of several unexpected cracker outages in January and low production of refinery-grade propylene (RGP).
However, the gains were slightly offset by weakening demand in the polypropylene (PP) market.
US propylene contracts gained 15 cents/lb in January, and have increased by 26 cents/lb since October.($1 = €0.75)
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