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Initial agreements seen for January US PGP contract

HOUSTON, January 26, 2016 (PCW) -- Initial agreements were confirmed Tuesday for January polymer grade propylene contracts at 31.5 cpp, which is down 0.5 cpp from December monthly contracts.

Agreements were not yet considered to be marketwide. Earlier Tuesday, a proposal was made to settle January and February propylene contracts simultaneously, with both months at a decrease.

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

To keep up with news and market trends throughout the day, see the PCW Midday Update by clicking here.