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US propylene April contract agreements go marketwide

HOUSTON, April 12, 2016 (PCW) -– Marketwide consensus was reached Tuesday 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. Initial agreements were reached on Monday.

April spot PGP traded twice on Tuesday at 30 cpp, up slightly from its weighted average price of 29.4 cpp in March. Apr has traded in a range of 29.75-30 cpp so far this month.

Upstream, spot RGP traded at 18.75 cpp on Tuesday for Apr pipeline material, lower than its weighted average price of 20.7 cpp in March. Spot propane traded in a range of 45.25-46.5 cpg on Tuesday, an equivalent of 10.7-11 cpp, which is very close to propane’s calendar average price of 45.3 cpp (10.7 cpp) in March.

The April propylene contract prices are the highest seen since August 2015, when PGP contracts were 33 cpp and CGP contracts were 31.5 cpp. Contract prices began this year at 31.5 cpp for PGP and at 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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