28 June 2011 10:28 [Source: ICIS news]
LONDON (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)
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