24 September 2010 14:50 [Source: ICIS news]
LONDON (ICIS)--Two initial European propylene (C3) contract settlements for October have been agreed at €920/tonne ($1,227/tonne), down €10/tonne on the back of a softer supply and demand balance, a major integrated consumer said on Friday.
A small decrease had been anticipated by many market sources as supply was considered more than sufficient to cover contractual needs, despite some ongoing planned cracker maintenance shutdowns.
The settlements, done on a free delivered (FD) northwest Europe (NWE) basis, were fully confirmed between the consumer and two of its suppliers.
Traditionally, confirmation from two suppliers and two consumers is required before the settlement is considered established as the industry reference price.
($1 = €0.75)For more on propylene visit ICIS chemical intelligence
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