NewsFlashInitial Europe Q1 C3 settles up €57/t

19 December 2007 16:39  [Source: ICIS news]

LONDON (ICIS news)--A first European propylene first-quarter contract has been agreed up €57/tonne ($83/tonne) at €945/tonne, based on recent record upstream energy costs, said a major producer and consumer on Wednesday.

The new price is a record high in Europe.

The settlement, agreed on a FD (free delivered) NWE (northwest Europe) basis, was reported by a major Mediterranean producer and European major polyolefins producer.

The fourth quarter contract was agreed at €888/tonne FD NWE, an increase of €10/tonne on the previous quarter.

Key European producers and consumers include Shell, Polimeri, INEOS Olefins, BPRP, BASF, Total, Basell, INEOS polyolefins and Borealis.

($1 = €0.69)

By: Edward Cox
+44 20 8652 3214

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