29 November 2012 10:38 [Source: ICIS news]
LONDON (ICIS)--The European propylene contract settlement for December has been fully agreed at €1,103/tonne ($1,432/tonne), down by €17/tonne from November, following further buyer support on Thursday.
A second buyer - a pure consumer - agreed the number with one of the sellers who was involved in the first settlement. The initial settlement was reached between one integrated consumer and two producers.
The agreement was made on a free delivered (FD) northwest Europe (NWE) basis.
The price decrease was seen to reflect the soft market fundamentals, driven by the slowdown at year-end, as well as underlying economic constraints.
It was considered to be a “fair compromise” between both buy and sell-ideas, which ranged between decreases of €15-20/tonne, depending on source.
($1 = €0.77)
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