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March polymer grade propylene contracts settled at 72.5 cents/lb

March 03/2011

(ICIS) -- Several US market participants have agreed to settle March polymer grade propylene (PGP) contracts at 72.5 cents/lb ($1,598/tonne, ?1,167/tonne), a 5 cent drop from February, sources said on Wednesday. However, some sellers were still pushing for a higher price than the initial settlement, a buyer said.

Initial chemical grade propylene (CGP) settlements were heard at 71.0 cents/lb, down from 74.0 cents/lb in February.

The CGP seller that settled separately at 70.0 cents/lb in February would move up to 71.0 cents/lb under the initial March settlement, sources said.

The initial settlements represent a more conservative decrease than many downstream market watchers had forecast.

Over the past week, polypropylene (PP) buyers and sellers cited expectations of a 5-10 cent/lb drop on March contracts. US PP demand was hammered by a 17 cent/lb contract increase in January, with February US PP operating rates estimated to be lower than 70%.

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