29 November 2013 11:40 [Source: ICIS news]
LONDON (ICIS)--The European propylene contract price for December has been fully confirmed at €1,110/tonne ($1,500/tonne), up by €30/tonne from November, following further buyer and seller support received on Friday.
The initial settlement was agreed between one main producer and one integrated consumer. This was then followed by a second major seller and a pure consumer.
The contract price increase was driven by the recent firmer upstream price tendency and eroded cracker margins, but the magnitude of rise was being moderated by the year-end slowdown in demand and poor derivative margins.
The contract was settled on a free delivered (FD) northwest Europe (NWE) basis .
($1 = €0.74)
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