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)
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