Taiwan’s Nov C3 contract price hiked 4.1%

13 December 2007 09:43  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s November domestic contract price for propylene was tentatively settled 4.1% higher compared with October due to increases in the US and Europe contract prices, said Taiwanese producers on Thursday.

The price was tentatively fixed at $1,136/tonne DEL (delivered), a $45/tonne increase over October prices, with a confirmation expected later in the month. October prices were at $1,091/tonne DEL.

High feedstock costs on the back of record high crude values in November prompted price hikes in both US and Europe contract prices.

US November contract prices for polymer grade propylene rose 7.25 cents/lb to 61.50 cents/lb DEL from October, while fourth-quarter prices in Europe rose €10/tonne to €888/tonne FD (free delivered) NWE (northwest Europe), according to global chemical market intelligence service ICIS pricing.

Taiwan’s monthly contract price for propylene, which takes into account components of US, Europe, Asia and South Korea spot prices, is settled via a pricing formula between the country’s two producers, Formosa and CPC Corp, and various domestic buyers.

The contract price is also known to be used in various contract settlements in southeast Asia.

By: Kew Jia Hui
+65 6780 4359

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