US February propylene contract prices were heard to have fully settled 1 cent/lb ($22/mt) lower than for January, sources said Friday.
The decrease put chemical-grade propylene at 72 cents/lb and polymer-grade propylene prices at 73.50 cents/lb, marking the first decrease in contract prices since November.
The drop was within the range of initial expectations of up to a 2 cents/lb decrease, despite initial nominations heard in early February of a 1 cent/lb increase from ExxonMobil Chemical and 2 cents/lb increase from Shell Chemical.
Spot PGP was last assessed February 7 at 69.75 cents/lb delivered, and heard bid Friday at 68.75 cents/lb Mont Belvieu-pipeline basis and offered at 69.25 cents/lb Mont Belvieu-pipeline basis. Spot PGP was heard to have traded twice on Thursday at 69.25 cents/lb Mont Belvieu-pipeline basis for February delivery.