28 February 2011 14:34 [Source: ICIS news]
LONDON (ICIS)--Initial European March ethylene (C2) and propylene (C3) contract settlements have been agreed up by €60/tonne ($82/tonne) and €80/tonne respectively because of higher upstream crude oil and naphtha prices, plus a tight supply-demand balance, a major producer said on Monday.
The increases take the ethylene contract to €1,195/tonne and propylene to €1,185/tonne – the third consecutive record high for propylene since records began in 1986.
The producer said it had settled the contracts with one of its customers, a major integrated consumer who has confirmed the settlements.
Remaining contract settlers had yet to signal their acceptance of the new contract prices.
The monthly contract prices (MCPs) are done on a free delivered (FD) northwest Europe (NWE) basis
($1 = €0.73)
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