27 July 2012 13:38 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene contract price for August has been agreed at €1,065/tonne ($1,315/tonne), up by €130/tonne from July, because of price rises on the upstream crude oil and naphtha markets, a major consumer said on Friday.
The contract, which is on a free delivered (FD) northwest Europe (NWE) basis, was agreed between the consumer and two major olefins producers, both of which have directly confirmed.
Traditionally, there needs to be a two plus two producer-consumer configuration before a contract price is deemed an established European benchmark.
($1 = €0.81)
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