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 ?xml:namespace>
($1 = €0.70)
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