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US propylene contracts begin to settle for April

HOUSTON, April 11, 2016 (PCW) -– Initial agreements were confirmed Monday afternoon for US April propylene contracts at 32.5 cpp for polymer grade and at 31 cpp for chemical grade, which is up 1 cpp from March monthly contracts. Agreements were not considered to be marketwide.

Spot propylene markets have been fairly quiet so far this month. Spot PGP has traded in a range of 29.75-30 cpp, up slightly from its weighted average price of 29.4 cpp in March. Spot RGP was last seen bid at 19 cpp and offered at 20 cpp, slightly lower than its weighted average price of 20.7 cpp in March. Spot propane was trading in a range of 44.75-45.25 cpg on Monday, an equivalent of 10.6-10.7 cpp, which is very close to propane’s calendar average price of 45.3 cpg in March.

The initially agreed April contract price is the highest seen since August 2015, when PGP contracts were 33 cpp and CGP contracts were 31.5 cpp. Contract prices began the year at 31.5 cpp for PGP and 30 cpp for CGP. Contract prices in 2015 averaged 38.958 cpp for PGP and 37.458 cpp for CGP -- Kathy Hall

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