25 May 2012 15:20 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene contract settlement for June has been agreed at €1,105/tonne ($1,381/tonne), down by €125/tonne from May, a net consumer said on Friday.
The significant reduction was widely expected based on relief in upstream naphtha costs and in order to support ailing downstream demand, particularly in the main polymer sector. The initial settlement was agreed with one main producer.
($1 = €0.80)
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