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US April propylene contracts settle
HOUSTON, April 26, 2017 (PCW) -- US Apr propylene contracts have settled at 46 cpp for polymer grade and at 44.5 cpp for chemical grade, a 6 cpp decrease from last month. Contracts began the year at 41.5 cpp for PGP and 40 cpp for CGP and rose to 52 cpp (PGP) and 50.1 cpp (CGP) in Mar.
Spot Apr PGP has traded down from 48 cpp on Mar 30 to 37 cpp on Apr 18. Apr subsequently traded at 37.5 cpp on Apr 19 and was bid up to 38.5 cpp that same day. As of Wednesday morning, Apr and May PGP were offered at 39 cpp, but firm bids have not emerged.
The month-to-date 30-day Apr weighted average for PGP was 40.036 cpp as of Wednesday morning, down 11.574 cpp from Mar. The month-to-date 45-day Apr weighted average for PGP was 44.697 cpp, down 6.069 cpp from Mar.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) has traded down to 26 cpp so far this month, significantly lower from its range of 34-45 cpp in Mar. Spot propane (used to feed PDH units), however, has risen from 60.25 cpg (or an equivalent of 14.24 cpp) at the start of April to 69.75 cpg (16.48) by Apr 20 before easing back to 63 cpg (14.89 cpp) this week. -- Kathy Hall