US April propylene contract prices settled 1 cent/lb ($22/mt) lower than March's contract prices, sources said Tuesday.
The decrease puts the April chemical-grade propylene contract price at 69.50 cents/lb ($1,532/mt) and the polymer-grade propylene CP at 71 cents/lb ($1,565/mt), their lowest level since December 2013.
Initial nominations called for a half-cent increase and a rollover for chemical-grade propylene and polymer-grade propylene, respectively.
The settlement is on the low end of buyers' expectations, as April propylene prices were expected to be 1-2 cents/lb lower as a result of weak spot markets.
Spot PGP was last assessed Friday at 68 cents/lb delivered, and heard bid Tuesday 67.25 cents/lb Mont Belvieu-pipeline basis and offered at 69.50 cents/lb Mont Belvieu-pipeline basis for May delivery, while April RGP was heard offered at 61.50 cents/lb Mont Belvieu-pipeline basis.