US December propylene contracts were nominated at up 3 and 3.50 cents/lb ($66-77/mt), sources reported Monday morning.
LyondellBasell was seeking a 3-cent increase while ExxonMobil was pushing for a 3.50 cent hike, participants said. LBI's lower nomination will be considered the ceiling unless another supplier announces a lower nomination.
In November, polymer grade contracts settled at 57.50 cents/lb while the chemical grade CP was at 56 cents/lb.
December's nominations come on the heels of higher spot numbers. On November 23, RGP was heard done at 49 cents/lb. By Monday morning, the offer was at 49.50 cents/lb and subsequently a buyer took the offer out, transacting at 49.50 cents/lb. Compare this level to a month ago when RGP was at 46.25 cents/lb on October 29, according to Platts' data.
Downstream, at least two PP suppliers announced a 3-cent hike on contracts effective December 1.
LyondellBasell was seeking a 3-cent increase while ExxonMobil was pushing for a 3.50 cent hike, participants said. LBI's lower nomination will be considered the ceiling unless another supplier announces a lower nomination.
In November, polymer grade contracts settled at 57.50 cents/lb while the chemical grade CP was at 56 cents/lb.
December's nominations come on the heels of higher spot numbers. On November 23, RGP was heard done at 49 cents/lb. By Monday morning, the offer was at 49.50 cents/lb and subsequently a buyer took the offer out, transacting at 49.50 cents/lb. Compare this level to a month ago when RGP was at 46.25 cents/lb on October 29, according to Platts' data.
Downstream, at least two PP suppliers announced a 3-cent hike on contracts effective December 1.
