31 July 2013 11:28 [Source: ICIS news]
LONDON (ICIS)--A second major consumer has confirmed agreement of the European propylene contract price for August at €1,090/tonne ($1,453/tonne), thereby establishing it as the new reference benchmark, it said on Wednesday.
The €50/tonne increase over July was because of a firmer upstream market, while supply and demand fundamentals are stable.
The contract, which is agreed on a free delivered (FD) northwest European (NWE) basis, was settled initially between another major consumer and a major supplier. A second major supplier later followed with this major consumer. A third major producer has also confirmed settlement.
($1 = €0.75)
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