28 March 2011 15:45 [Source: ICIS news]
The ethylene settlement is agreed at €1,205/tonne, while propylene settles at €1,210/tonne.
The increases have been secured on the back of strong demand, firm feedstock crude and naphtha as well as forex changes, the producer said.
Both settlements are within market expectations.
The €1,210/tonne settlement for propylene marks the fifth time it has settled above ethylene since April 2010.
The contracts are settled on a free delivered (FD) northwest Europe (NWE) basis.
The producer said it agreed the ethylene number with two of its customers, a major non-integrated consumer and a major net consumer. The major net consumer also agreed propylene.
Confirmation from one of the consumers and a second producer, who was reported to also have agreed ethylene, was still pending.
($1 = € 0.71)
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