01 July 2013 21:09 [Source: ICIS news]
HOUSTON (ICIS)--A US producer has nominated a 1 cent/lb increase for its July polymer-grade propylene (PGP) contracts, sources said on Monday.
This would put contracts at 66 cents/lb ($1,455/tonne, €1,120/tonne) for July, up from June’s recently settled level of 65 cents/lb.
A buyer said the nomination was expected, as feedstock refinery-grade propylene (RGP) have moved higher and squeezed margins.
The nomination is also supported by recent spot trades, which have been done at 62.5 cents/lb.
Sources said that US PGP contracts often settle 2-3 cents/lb above the most recent spot deals.
Major US propylene producers include Chevron Phillips Chemical, ExxonMobil, LyondellBasell, PetroLogistics and Shell Chemical.
Major buyers include Ascend Performance Materials, Dow Chemical, INEOS and Total.
($1 = €0.77)
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