22 April 2010 10:25 [Source: ICIS news]
(Recasts, making clear throughout that both settlements were initial)
LONDON (ICIS news)--An initial European May ethylene (C2) contract has been agreed at a rollover, while initial propylene (C3) settled at an increase of €20/tonne ($27/tonne) from April, two producers and two customers said on Thursday.
Ethylene was agreed at €960/tonne and propylene was agreed at €1,000/tonne.
The rollover for ethylene was a compromise, said the customer involved in the initial settlement.
For propylene, “spot is still well above contract and the market is still tight globally”, said the seller, when citing reasons for the increase.
The contracts were settled on a free delivered (FD) northwest Europe (NWE) basis and were fully confirmed by two net producers and two pure consumers.
($1 = €0.75)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|