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US propylene producers announced proposed increases of 10 cents/lb

March 28/2011

(ICIS) -- US propylene producers announced proposed increases of 10 cents/lb (USD 220/tonne, EUR156/tonne) and 11 cents/lb for April, market sources said on Friday, citing tight supply and firm demand as the drivers behind the initiatives. The nominations represent an increase of around 15% from March, when polymer-grade propylene (PGP) settled at 72.50 cents/lb and chemical-grade propylene (CGP) at 71.00 cents/lb.


US producers were expected to push for an increase next month, following a jump in propylene spot prices in recent weeks.


Refinery-grade propylene (RGP) for March traded on Wednesday at 72.50 cents/lb, up from 60.00-62.00 cents/lb four weeks earlier, while PGP spot prices gained 7.50 cents/lb in the same period.


Propylene spot prices rose on the back of rising energy values, including a 30 cent/gal spike in the price of gasoline and an 8% increase in crude oil prices.


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