Houston — June US propylene contract prices settled a half-cent higher than May contract prices June 29, trade participants said.
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The settlement marks the first price increase since September 2019, S&P Global Platts data showed.
The increase brought the US June polymer-grade propylene contract price to 26.5 cents/lb and chemical-grade propylene contract price to 25 cents/lb, the sources said.
The settlement was in line with market expectations of a price increase.
PGP and CGP contract prices remain at an 11-year low, however, and were last lower January 2009 at 22 cents/lb and 20.50 cents/lb, respectively, according to Platts data.
The increase comes as spot propylene prices have climbed 27% month-on-month June 29 and more than 50% since the year-to-date low of 18.625 cents/lb March 23.
US spot PGP was assessed June 29 at 28 cents/lb, up 1.125 cents from June 26.