29 November 2011 14:16 [Source: ICIS news]
LONDON (ICIS)--The initial European propylene contract settlement for December has been agreed down by €18/tonne ($24/tonne) at €995/tonne between a net producer and two non-integrated buyers, they said on Tuesday.
There was no immediate confirmation from other sellers.
One of the buyers involved in the settlement, which was done on a free delivered (FD) northwest Europe (NWE) basis, said that “demand is bad and prices need to be lower”.
The second customer said it had expected a reduction of around €20/tonne and did not think a further decrease would be achieved due to high feedstock costs, even though it is needed for derivative competitiveness.($1 = €0.75)
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