The US spot polymer-grade propylene assessed price reached a new 14-month high July 28, as July PGP rose 1.75 cents on the day, S&P Global Platts data showed.
Spot PGP was assessed at 38.5 cents/lb, its highest level since May 23, 2019, when it was assessed at 39.5 cents/lb, according to Platts data.
Sources attributed the increase in pricing to domestic PGP contract negotiations and Dow's ongoing propane dehydrogenation unit maintenance.
The spot assessment has recovered more than 106%, or 19.875 cents/lb, since posting an 11-year low of 18.625 cents/lb on March 23, 2020, amid demand destruction caused by the coronavirus pandemic.
Prior to the current upswing, spot PGP's year-to-date high was 31.75 cents/lb, which it reached January 7, according to Platts data.
