US producer increases Aug propylene nomination to plus 5 cents/lb

08 August 2013 21:04  [Source: ICIS news]

HOUSTON (ICIS)--A US producer has increased its nomination for the August propylene contract price tracking continued higher spot prices, sources said on Thursday.

A buyer and seller said the company has raised its nomination for August propylene contracts to an increase of 5.0 cents/lb ($110/tonne, €83/tonne), compared with an earlier nomination of 3.5 cents/lb.

This would put August polymer-grade propylene (PGP) contracts at 70 cents/lb and chemical-grade propylene (CGP) at 68.5 cents/lb.

Another US producer has nominated August propylene contracts to increase by 4 cents/lb.

The higher nomination comes as US spot prices for propylene move higher on high feedstock costs for naphtha and propane.

Typically, the US propylene contract is settled in the first half of the month for that month, and is about 2.5-3.0 cents/lb above recent spot trades.

($1 = €0.75)

By: John Dietrich

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