Initial Europe July propylene falls €75/tonne to €1,130/tonne

28 June 2011 10:28  [Source: ICIS news]

propylene is used as a raw material for making plastic chairsLONDON (ICIS)--An initial European propylene contract price for July has settled at €1,130/tonne ($1,614/tonne), down €75/tonne from June, a major producer said on Tuesday.

Market players widely expected a more substantial decrease than the €40/tonne fall reported for June because of a drop-off in demand and a softer upstream market.

The initial settlement was between the major producer and three of its customers.

Confirmation from two of the customers is pending.

A second producer has also agreed a contract settlement at €1,130/tonne with another customer.

The contract is agreed on a free delivered (FD) northwest Europe (NWE) basis.

($1 = €0.70)

By: Nel Weddle
+44 20 8652 3214

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