23 June 2009 14:15 [Source: ICIS news]
LONDON (ICIS news)--An initial European propylene (C3) July contract settlement has been agreed at €650/tonne ($903/tonne), up €85/tonne from June, in a bid to improve cracker margins amidst a backdrop of a tight supply and demand balance, a major integrated buyer said on Tuesday.
The initial contract, done on a free delivered (FD) northwest Europe (NWE) basis, was between the buyer and two of its suppliers. Confirmation from one of the two suppliers was still pending.
A third producer said that it had also followed the €85/tonne increment with one of its consumers, another major integrated buyer.
Producers had been eyeing increments of up to €150/tonne
($1 = €0.72)
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