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US propylene contracts for February settled flat

February 17/2011

(ICIS) -- US propylene contracts for February settled flat, market sources said on Wednesday, confirming that a hold-out producer had agreed to the rollover. The settlement kept polymer grade propylene (PGP) at 77.50 cents/lb ($1,709/tonne, ?1,265/tonne).

Two US producers had originally nominated increases of 3.00 cents/lb for PGP, but a drop in spot prices in the second half of January undermined the initiatives.

Spot PGP for February delivery traded at 75.00 cents/lb in the last week of January, down from 75.50 cents/lb two weeks earlier. February PGP was offered on Wednesday at 73.00 cents/lb with no bids.

Chemical grade propylene (CGP) also settled flat at 74.00 cents/lb, despite two proposed increases of 5.00 cents/lb, but the market remained split because a third producer held its contracts at 70.00 cents/lb as part of a two-month settlement agreed upon in January.

The rollover for US propylene in February followed a significant increase in January, when PGP contracts rose by 17.00 cents/lb and CGP by 11.00 and 15.00 cents/lb.

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