28 December 2012 13:22 [Source: ICIS news]
LONDON (ICIS)--A second propylene supplier has confirmed the European propylene contract price for January at €1,090/tonne ($1,453/tonne), down by €13/tonne from December and the fourth consecutive decrease - thereby establishing it as the European benchmark, market sources said on Thursday.
To date, two producers and three consumers – two non-integrated and one integrated – have confirmed settlement. A third producer is also said to be in the mix but this producer has a no-media policy.
The decrease on the contract, which is agreed on a free delivered (FD) northwest Europe (NWE) basis, reflects the current length in the European propylene market, the settling parties said.
Other producers were known to have been holding out for a rollover €1,103/tonne FD NWE.
($1 = €0.75)
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