31 August 2012 11:43 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene contract price for September has been agreed at €1,160/tonne ($1,450/tonne), up by €105/tonne from August, two buyers and one seller confirmed on Friday.
Confirmation from a second producer was pending at the time of writing.
The first settling seller producer said agreement was a “compromise”, as it had sought a more significant increase because of intensified feedstock cost pressure. The producer had, however, also weighed this against the fact that the propylene market was slightly softer than that for ethylene which settled on Friday up by €125/tonne.
The settlement was agreed on a free delivered, northwest Europe (FD NWE) basis
($1 = €0.80)
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