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US December propylene contracts settle with another increase
HOUSTON, December 21, 2017 (PCW) -– Parties settling US December propylene contracts have agreed to an increase of 1 cpp from November pricing, bringing polymer grade to 50 cpp and chemical grade to 48.5 cpp. Agreements are understood to be market-wide.
Contracts began the year at 41.5 cpp for PGP and 40 cpp for CGP, and reached a high of 52 cpp for PGP and 50.5 cpp for CGP in March.
Spot PGP for December delivery has traded between 48-48.5 cpp cpp so far this month, compared to a range of 45.75-48.5 cpp in November.
The MTD 30-day December weighted average for PGP was 48.188 cpp on Thursday, up 1.047 cpp from November. The MTD 45-day December weighted average for PGP was 47.607 cpp, up 0.928 cpp from November.
On the feedstock side, spot refinery grade propylene (used to feed PGP and CGP splitters) has traded in a range of 37-37.5 cpp (delivered pipeline basis) so far this month, compared to 36.5 cpp in November. Spot propane (used to feed PDH units), averaged 94.911 cpg so for this month (the equivalent of 22.43 cpp) compared to 98.357 cpg (23.25 cpp) in November. -- Kathy Hall