Second propylene producer nominates contracts for slight fall

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

HOUSTON (ICIS)--A US propylene producer has nominated a slight decline for its November contracts, sources said on Monday, following market expectations.

Sources said the producer nominated a fall of 0.5 cents/lb ($11/tonne, €8/tonne) for chemical-grade propylene (CGP), which would put the contract at 65.5 cents/lb.

Another propylene producer nominated a rollover for polymer-grade propylene (PGP), but a market source said a split in movement between the two contracts is unlikely.

The nominated decline was in line with market expectations, sources said.

However, November contracts are still expected to fall by 1 cent/lb or more, sources said, as recent spot prices and demand levels supported a decline of that level.

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 = €0.74)


By: John Dietrich
713-525-2600



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