22 January 2010 23:59 [Source: ICIS news]
Both major producers and several buyers confirmed the increase.
The range was accordingly assessed at €1,555-1,580/tonne ($2,190-2,225/tonne) FD (free delivered) NWE (northwest ?xml:namespace>
There was some surprise at the limited extent of the hike, given the extreme tightness in the European arena as a result of production problems in
However, supply-side sources said that it would have been very difficult to push for considerably higher prices given that one producer had declared force majeure on its ACN supply.
Moreover, a settlement at plus €50/tonne in early January was thought to have set the tone of the market.
Buyers were thus generally happy with the settlement as it largely only represented the €40/tonne increase in January’s propylene price.
It takes 1.1 tonnes of propylene to make a tonne of ACN.
($1 = €0.71)
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