Initial Europe November propylene down by €55/t at €1,013/tonne

28 October 2011 16:11  [Source: ICIS news]

LONDON (ICIS)--An initial European November propylene settlement has been agreed down by €55/tonne ($79/tonne) at €1,013/tonne, a net producer and a net consumer said on Friday.

The same net producer also agreed the same price with a second net consumer, although confirmation from that buyer remains outstanding.

Soft market conditions, a substantial gap between spot and contract levels and lack of competitiveness with other regions were the main reasons for the price reduction.

Lower upstream naphtha costs were also a contributory factor.

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

($1 = €0.70)

For more on propylene visit ICIS chemical intelligence

By: Heidi Finch
+44 20 8652 3214

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