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(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.
mrcplast.com
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