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US November propylene contracts fall 1 cent/lb

November 17/2010

(ICIS) -- US November propylene contracts settled down by 1 cent/lb ($22/tonne, ?16/tonne) after a hold-out supplier, which had previously pushed for a rollover, agreed to the decrease, market sources said on Monday.


The drop puts November polymer-grade propylene (PGP) at 57.50 cents/lb and chemical-grade propylene (CGP) at 56.00 cents/lb, as assessed by ICIS.


Market participants had initially expected November propylene contracts to fall by 2Ц4 cents/lb, but that outlook changed early in the month as a result of cracker outages and a jump in crude oil prices.


A recent increase in refinery-grade propylene (RGP) spot prices was also cited as having limited the drop on the contract side. November RGP traded last week at 47.25Ц48.25 cents/lb, up from 46.00 cents/lb a month earlier.


RGP accounts for around 60% of US propylene supply.


Market participants said RGP prices were rising in response to a downtrend in refinery-sourced propylene inventories, which in early November fell to their lowest level in 15 months.


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