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(ICIS) -- US propylene contracts for
August began to settle flat on Friday, pressured by a drop in energy prices in
the past two weeks.
US producers had originally sought a 3 cent/lb increase for the month,
but buyers resisted the initiative and pushed for a rollover after crude oil
prices started to falter. Market sources said that, except for one supplier, all
settlement participants had agreed to the rollover.
The settlement keeps polymer-grade propylene (PGP) at 78 cents/lb (USD
1.720/tonne, EUR 1.204/tonne) and chemical-grade propylene at 76.50 cents/lb. US
propylene contracts usually settle at the beginning of the month being
negotiated.
Upstream, crude oil prices ended 1.7% down for the week for a monthly
drop of around 10%.
Market activity this week centred on renewed jitters
about the global economy, following the US credit downgrade by Standard &
Poor's.
mrcplast.com
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