27 February 2013 15:49 [Source: ICIS news]
LONDON (ICIS)--A second major producer has confirmed following the initial European propylene March contract price settlement at €1,155/tonne, ($1,500/tonne) up by €55/tonne from February, thereby establishing it as the new benchmark contract price.
Two major sellers and three major consumers have directly confirmed the contract, which is settled on a free delivered (FD) northwest Europe (NWE) basis.
An increase was widely expected given firmer feedstock naphtha costs and a tight supply and demand balance – supply having been impacted by unplanned production issues at a time when preparations to cover a heavy turnaround slate were getting under way.
($1 = €0.77)
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