17 July 2008 11:17 [Source: ICIS news]
LONDON (ICIS news)--A second European producer has supported the initial third-quarter propylene (C3) settlement at €1,015/tonne ($1,611/tonne), up €88/tonne from the second quarter, it said on Thursday.
The contract, done on a free delivered (FD) northwest Europe (NWE) basis, was between a ?xml:namespace>
A third European producer was thought to have also followed this contract price but this was not able to be confirmed.
After a particularly protracted round of contract negotiations, a first settlement was reported on 11 July between a Germany-based producer and consumer.
First reactions from other producers had been that the settlement was too low as several had been looking for a three-digit increase due to high upstream costs.
Consumers, meanwhile, had argued for a smaller increase based on generally weak supply and demand fundamentals.
($1 = €0.63)
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