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US polypropylene June contract prices fell by 14%

June 20/2011

(ICIS) -- US polypropylene (PP) June contract prices fell by 14%, pressured by a 15 cent/lb (USD 331/tonne, EUR 235/tonne) drop in feedstock costs, market sources said on Friday.


US PP contract prices for June were assessed at 93-95 cents/lb DEL (delivered), down 15 cents/lb from May, reflecting the pass-through of lower propylene prices.


The June contract price was down from 108-110 cents/lb DEL in May, according to ICIS.


Most of the US PP market has a monomer-based contract that follows the monthly polymer grade propylene (PGP) cost. With the 15 cent/lb drop in propylene, US PGP settled at 82 cents/lb for June, pressured by loosening supply and lower spot prices in recent weeks.


Some buyers who do not use the monomer-plus pricing tried to seek greater discounts, based on market weakness, but those efforts were not successful, market sources said.


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