11 January 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European propylene oxide (PO) contract prices in January have softened by €10/tonne ($13/tonne) because of feedstock price relief, market players said on Friday.
The majority of accounts which are formula related have decreased by €10.40/tonne (rounded down to €10/tonne approximately) in January, in line with 80% of the propylene feedstock reduction.
PO freely negotiated business has also followed the similar price downtrend in January as seen for formula-related accounts, as lower feedstock costs are weighed against fairly balanced market conditions.
The PO price range has moved down by €10/tonne, taking values of €1,506-1,622/tonne FD (free delivered) NWE (northwest Europe), according to ICIS.
Views on PO demand in January remain mixed between flat to slightly improving, with the latter attributed to restocking activity after the holidays.
PO availability remains good, with no reports of any production problems.
($1 = €0.75)
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