US spot polymer-grade propylene reaches eight-month high

Houston — US spot polymer-grade propylene reached an eight-month high July 22 as July PGP rose 1.5 cents on the day.

Spot PGP was 1.5 cents higher day on day at 33.75 cents/lb, the highest level since November 4, 2019 when it was assessed at 34 cents/lb, according to S&P Global Platts data.

Sources attributed the increase in pricing to Dow's propane dehydrogenation unit's planned maintenance that began July 8 and is expected to last 45 days as well as flaring reported at Enterprise's PDH unit expected to last three days.

The assessment has recovered more than 81% or 15.125 cents/lb since the 11-year low of 18.625 cents/lb reached March 23, 2020 amid demand destruction from the coronavirus.

Spot PGP surpassed the year-to-date high of 31.75 cents/lb reached January 7, according to Platts data.