27 August 2010 12:54 [Source: ICIS news]
LONDON (ICIS)--The European September propylene (C3) contract was fully confirmed down by €10/tonne ($13/tonne) from August at €930/tonne by three consumers and three producers on Friday, following an earlier initial settlement.
“It was a fair compromise between the positions,” said one of the contract settlers.
Some slight surplus in the European propylene market, resulting from a spate of derivative plant issues, had led to the reduction in the September contract price, sources said.
This decrease, however, was moderated by a lack of fluctuations in upstream costs during August and firming olefin values in other regions.
Upcoming cracker turnarounds and good demand forecasts for September were also expected to balance out the market and had limited the downtrend.
The contract was settled on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.79)
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