27 January 2009 16:07 [Source: ICIS news]
LONDON (ICIS news)--An initial settlement for February propylene (C3) has been agreed at €455/tonne ($599/tonne), up €25/tonne from January, a key contract buyer said on Tuesday.
The contract, which is settled on a free delivered (FD) northwest Europe (NWE) basis, was between a key olefins producer and a large integrated consumer. Confirmation from the producer was pending at the time of writing.
Propylene was settled for January at €430/tonne, down €523/tonne.
Given recent feedstock naphtha increases and slightly improved demand compared with December, February contracts were widely expected to see increases.
($1 = €0.76)
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