Update1st Europe Q2 C2 up €15/t, C3 down €18/t

20 March 2008 11:07  [Source: ICIS news]

European C2 up €15/t and C3 contracts down €18/t(adds reasons for new values in second paragraph)

LONDON (ICIS news)--The first second-quarter European ethylene (C2) and propylene (C3) contracts were agreed up €15/tonne ($23/tonne) and down €18/tonne respectively, a German based producer and consumer reported on Thursday.

The rise on C2 was attributed to high upstream costs and a stable supply and demand balance, while poor derivative demand in polypropylene (PP) and weaker propylene trading values for much of the first quarter led to the drop in C3.

The contracts, at €1,038/tonne for C2 and €927/tonne for C3, were done on a FD (free delivered) NWE (northwest Europe) basis and were fully confirmed.

An increase was widely expected for ethylene but while a decrease was expected for propylene, buyers were generally hoping for a larger reduction on the first-quarter contract.

($1 = €0.64)

For more on C2 and C3 visit ICIS chemical intelligence

By: Nel Weddle
+44 20 8652 3214

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