(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.
MRC