More on Propylene Settlement
US Jan propylene initially settles at lowest level since Nov 2009
HOUSTON (ICIS)–US January propylene contracts reached an initial settlement at their lowest levels since November 2009, sources said on Monday.
The 12 cent/lb ($265/tonne) decline puts January polymer-grade propylene (PGP) at 49.5 cents/lb and January chemical-grade propylene (CGP) at 48.0 cents/lb.
PGP contracts for November 2009 also settled at 49.5 cents/lb, according to ICIS data.
The drop comes after one US producer nominated its January contracts for an 8 cent/lb fall, tracking declining spot prices for PGP and feedstock refinery-grade propylene (RGP).
Overall, most downward pressure has been coming from global energy markets, which have lowered cracker feedslate costs and allowed overseas derivative producers to be more competitive with US product.
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