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US August propylene contracts settle with an increase
HOUSTON, Aug 24, 2017 (PCW) -- US August propylene contracts have settled at 39.5 cpp for polymer grade and at 38 cpp for chemical grade, up 0.5 cpp from July. Contracts began the year at 41.5 cpp for PGP and 40 cpp for CGP, and reached a high of 52 cpp (PGP) and 50.5 cpp (CGP) in March.
Spot PGP has traded from 37.25 cpp at the start of the month to 39 cpp by mid-month. No new spot trades have been seen since Aug 17, but August PGP has been bid up to 39.5 cpp this week.
The month-to-date 30-day August weighted average for PGP was 38.296 cpp as of Thursday, up 1.453 cpp from Jul. The month-to-date 45-day August weighted average for PGP was 37.162 cpp, up just 0.109 cpp from July.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) was bid up to 30 cpp this week, up from 24.25 cpp earlier this month. Spot propane (used to feed PDH units), was averaging around 75 cpg so far this month (or the equivalent of 17.73 cpp), compared with 65.5 cpg (15.48 cpp) in July. -- Kathy Hall