Initial settlements for US March propylene contract prices called for a 1.5-cent/lb ($33/mt) decrease from February, market sources said Tuesday.

The decrease, if settled marketwide, would put polymer-grade propylene prices at 72 cents/lb and chemical-grade propylene at 70.50 cents/lb, thus marking the first decrease in contracts since November.

Producer confirmation regarding the settlement was not immediately available.

Initial nominations called for a rollover and 1 cent/lb decrease for chemical-grade and polymer-grade propylene, respectively.

Spot PGP was last assessed Friday at 70 cents/lb delivered, and heard bid Tuesday morning at 69.25 cents/lb Mont Belvieu-pipeline basis, while offered at 70 cents/lb MtB-pipe. Spot PGP was last heard traded on March 3 at 69.50 cents/lb MtB-pipe for March delivery.