14 March 2014 23:59 [Source: ICIS news]
LONDON (ICIS)--The European propylene oxide (PO) contract price has rolled over in March following upstream propylene as no freely negotiated business outside the range was confirmed, sources said Friday.
Despite tightness in the upstream propylene market, producers described PO availability as balanced with buyers saying they have received no alterations to supply contracts.
One producer said it is selling PO on the merchant market at €1,640/tonne FD (free delivered), which is within the assessed range.
The March contract has been assessed at rollover price of €1,538-1,654/tonne free delivered (FD) northwest Europe (NWE).
Chinese PO prices are at their highest point since October 2011, settling at $1,990/tonne cost and freight (CFR) China on average last week.
This has translated into European exporters receiving orders for PO and PO derivatives from traditional Chinese export markets such as the Middle East, Turkey and north Africa.
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