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US spot PGP reaches eight-month high

Houston — US spot polymer-grade propylene reached an eight-month high July 8 after July PGP was heard trading at 32 cents/lb, sources said.

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Spot PGP rose 2 cents/lb on the day to 32 cents/lb, the highest level since November 7, 2019 when it was assessed at 33.125 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.

The assessment has recovered almost 72% or 13.375 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.