Taiwan’s Dec C3 contracts settled 2.8% higher

30 January 2008 06:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s December domestic contract price for propylene (C3) has been confirmed at $1,171/tonne DEL (delivered), a $32/tonne increase over November prices, a Taiwanese producer said on Wednesday.

This represented a 2.8% increase due to the high feedstock naphtha costs in December, mirroring the uptrend in the US and Europe contract prices.

The US polymer grade propylene (PGP) contracts in December were fixed at 62.50 cents/lb, up by 0.5 cents/lb from November, the fifth record-breaking settlement since August.

First-quarter price in Europe was agreed at €945/tonne FD (free delivered) NWE (northwest Europe), an increase of €57/tonne ($81/tonne) due to upstream cost pressure.

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 Plastics Corp (FPC) and CPC Corp, and various domestic buyers.

January contract price was tentatively fixed at $1,226/tonne DEL, with a confirmation expected later in the month.

(€1 = $1.48)

By: Kew Jia Hui
+65 6780 4359

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