Further details were not available at time of publication. Participants, however, noted that an increase was unlikely.
One seller was rumored to be seeking a 2-cent/lb hike on PGP, but sources said such an increase would be ambitious given current spot PGP offers at 58 cents/lb MtB pipe.
"A 2-cent decrease makes more cents to me," said one source.
Additionally, participants pointed to the pending startup of PetroLogistic's 500 kt/year PDH propylene plant in Houston, Texas. The plant was originally slated to start up earlier this month, but delays pushed back the date to late this week or early next week, sources said.
Spot PGP prices have been mostly stagnant throughout September, stuck between 57.125 and 57.625 cents/lb, according to Platts data. Spot RGP prices have also seen little movement and have been assessed between 45.50-46.125 cents/lb throughout the month.
If indeed the contract rolls, October PGP would be at 60 cents/lb, while CGP would be at 58.50 cents/lb.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
