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)
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