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US propylene contracts for August settled flat with July

August 18/2011

(ICIS) -- US propylene contracts for August settled flat with July, market sources said on Wednesday, confirming an initial agreement reached late last week. The settlement keeps polymer-grade propylene (PGP) at 78 cents/lb (USD 1.720/tonne, EUR 1.187/tonne) and chemical-grade propylene (CGP) at 76.50 cents/lb, as assessed by ICIS.

US producers had originally sought a 3 cent/lb increase for August, but buyers resisted the initiative and pushed for a rollover after crude oil prices began to fall earlier this month.

US propylene contracts usually settle at the beginning of the month being negotiated. In the spot market, refinery-grade propylene (RGP) for August traded at 68 cents/lb this week, flat with deals done during the week ended 12 August.

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