29 September 2011 18:59 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene settlement for October has been agreed at €1,068/tonne ($1,443/tonne), down €10/tonne from September, a large consumer said on Thursday.
A decrease was anticipated, but the discussions were expected to be tough as contract players sought to marry concerns over upstream cracker margins with lengthy supply and demand balance.
The settlement was between the large integrated consumer and one of its suppliers, a major olefins producer, and is fully confirmed.
Another two producers and one other consumer are reported to have also settled at €1,068/tonne, but confirmation is pending.
The contract is agreed on a free delivered (FD) northwest European (NWE) basis.
($1 = €0.74)
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