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)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections