27 February 2013 15:29 [Source: ICIS news]
LONDON (ICIS)--An initial European propylene contract price for March has been agreed at €1,155/tonne, ($1,500/tonne), up by €55/tonne from February on the upstream naphtha cost movement over the past month and tight supply fundamentals, a major consumer said on Wednesday.
The fully confirmed contract, which is settled on a free delivered (FD) northwest Europe (NWE) basis, was between the major consumer and a major producer.
Two other major consumers have also confirmed agreement with the same major producer.
A second contract seller is required to follow the same number, before the new contract price for March can be considered to be established.
($1 = €0.77)
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