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US propylene contract proposal made for two-month settle
HOUSTON, January 26, 2016 (PCW) -- A proposal has been made to settle January and February propylene contracts simultaneously. The monthly contracts, which typically settle early in the month, have been under negotiation for weeks without any agreement reached.
This latest proposal, from a propylene consumer, is for prices to decrease in both January and February. While the proposal did not specify an agreement deadine, it is presumed that the agreements would occur in February. Polymer grade propylene contracts settled at 32 cpp in December and chemical grade contracts settled at 30.5 cpp.
Spot PGP has traded from 29.5 cpp at the start of January down to 28 cpp on Monday. Spot PGP's MTD January weighted average as of Jan 26 was 29.201 cpp, compared with 29.560 cpp in December.
Upstream spot refinery grade propylene prices have averaged 18.375 cpp (pipeline) so far in January, compared with 18.783 cpp in December. -- Kathy Hall
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