Houston—US spot polymer-grade propylene hit a new three-year high Jan. 27 as January PGP rose 0.625 cent day on day, S&P Global Platts data showed.
Spot PGP was assessed at 68 cents/lb, its highest level since Jan. 22, 2018, when it was assessed at 68.5 cents/lb, Platts data showed.Sources attributed the increase in pricing to tight supply and high demand.
The spot assessment has recovered more than 265%, or 49.375 cents/lb, since posting an 11-year low of 18.625 cents/lb March 23 amid demand destruction caused by the coronavirus pandemic.
