June US propylene contract prices increased for the first time in 9 months, market sources said. The contracts settled 5 cents/pound ($110/ton) higher than the prior month’s pricing on June 29, marking the first increase since September 2019. June polymer-grade propylene (PGP) contracts stood at 26.5 cents/pound on delivered (DEL) basis, while contract prices for chemical-grade propylene (CGP) settled at 25.0 cents/pound DEL.
Despite the increase, US PGP and CGP contract prices remain at an 11-year low. The increment is in line with the market expectations and the rise in front-month PGP from 20.00-24.00 cents/pound in May to 21.50-28.00 cents/pound in June.
