04 April 2014 23:59 [Source: ICIS news]
LONDON(ICIS)--The European propylene oxide (PO) contract price is set move in line with 80% of the April feedstock propylene price movement which corresponds to €8/tonne, market sources said Friday.
A producer said its PO inventories are low but it is still planning to move in line with the formula. Exports of PO derivatives to the Middle East and Africa, it added, continues to be strong as European PO remains competitively priced compared to Asian PO.
An €8/tonne upward move was also quoted by a buyer which said the market remains tight. It added it had received all the PO it contracted for but it would be difficult to attain significant quantities of additional volume if it needed them.
The price range of €1,538-1,654/tonne free delivered (FD) northwest Europe (NWE) remains representative of March business, pending further feedback on freely-negotiated business.
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