20 February 2009 15:26 [Source: ICIS news]
LONDON (ICIS news)--An initial European propylene (C3) contract for March has been agreed at €497/tonne ($629/tonne), up €42/tonne from February, a key contract seller said on Friday.
The settlement, on a free delivered (FD) northwest Europe (NWE) basis, was between a key Germany-based producer and one of its customers, a major non-integrated propylene consumer.
An increase was widely anticipated given the continued uptrend in feedstock naphtha and a slight improvement in demand.
Producers had been calling for a significant increase in order to recover margins.
The February propylene contract settled at €455/tonne FD NWE.
($1 = €0.79)
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