27 March 2012 17:52 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene settlement for April has been agreed at a record high €1,245/tonne, up by €50/tonne from the previous month, said one pure consumer on Tuesday.
This marks the highest price since May 2011, according to ICIS records.
The initial settlement was reached with one main producer and was also followed by a second consumer and the same seller. It was agreed on a FD (free delivered) NWE (northwest) basis.
The upward pressure was attributed to the high feedstock costs and the need to recoup margin at cracker level.
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