28 June 2012 09:33 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene contract price for July has been agreed at €935/tonne ($1,169/tonne), down by €170/tonne from June on the back of a weaker upstream naphtha market and soft supply and demand fundamentals, a major consumer said on Thursday.
The contract, which is on a free delivered (FD) northwest Europe (NWE) basis, was agreed between the consumer and two major olefins producer producers who have confirmed the settlement.
A third producer and a second major consumer have also followed the €935/tonne settlement.
($1 = € 0.80)
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