16 May 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European propylene oxide (PO) contract prices decreased by €64/tonne (€82/tonne) in May on the back of lower upstream propylene costs, market players said on Thursday.
To reflect this, the PO price range in May has been moved down to €1,454-1,570/tonne FD (free delivered) NWE (northwest Europe).
The majority of PO contract business is formula-related and linked to around 80% of the propylene feedstock movement.
The European propylene contract price in May fell by €80/tonne over the previous month.
For freely negotiated PO business, prices also fell by the same level as for formula accounts, according to market sources, which added that the PO market is largely balanced.
According to market players, LyondellBasell this week lifted its force majeure on its PO rail deliveries in the Rotterdam area.
The company declared force majeure on rail deliveries of PO in the Rotterdam area a few weeks ago because of strike action by its rail freight provider, DB Schenker, which was resolved at the end of April.
LyondellBasell, as part of company policy, was unable to comment about its operations.
($1 = €0.78)
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