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Propylene Europe Transcript
The ICIS European propylene report is a benchmark report, which means that the prices that we publish are widely referenced in industry contracts.
We cover the contract market, which is a monthly market, and we cover that on a free delivered northwest European basis. This is an industry-agreed price, which means that key producers and key consumers exchange price ideas, and negotiate a new settlement in the last week of every month.
We also cover the spot market both on the chemical grade sector and in the polymer grade sector. We cover prices on an inland basis; on a free delivered (FD) northwest European (NWE) basis; and in the deep-sea market on cost, insurance & freight (CIF) coastal basis.
Market fundamentals such as supply, production issues both planned and unplanned and demand derivatives on the derivative markets downstream are all covered on a weekly basis in the report.
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Updated to Q3 2016
There was very limited supply relief for the European propylene market during the third quarter.
The impacts of the French strike continued to be felt through the first part of the quarter as some units affected struggled to return to normal operations. Other suppliers were also unable to prepare sufficiently for cracker turnarounds due in the autumn period because of other unplanned hiccups and heat constraints on operating rates.
The July contract price settled at €670/tonne FD (free delivered) NWE (northwest Europe) and it rolled over for August, which given that both the US and Asian markets were higher than Europe, helped put Europe's propylene derivatives in a good competitive position from a global perspective. However, tight supply meant that not all derivative players could take full advantage as incremental polymer grade propylene (PGP) tonnes commanded double digit premiums over the contract price.
The market remained short moving through September - the contract price increased by €20/tonne - but a couple of unplanned derivative issues mid-month saw availability improve if only on a temporary basis and spot premiums moved into single digits.
October contract price discussions were just getting underway at the time of writing. Supply remains short, demand remains healthy overall and naphtha prices have on average been firmer in September when compared with August.
The ICIS European propylene report is a benchmark report, which means the prices published are widely referenced in industry contracts. We cover the contract market, which is a monthly market, on a free delivered (FD) northwest Europe (NWE) basis.
This is an industry agreed price, meaning that key producers and key consumers can exchange price ideas and negotiate a new settlement in the last week of every month.
ICIS covers the spot market, both on the chemical grade sector and the polymer grade sector. Additionally, we cover prices on an inland basis, on a free delivered (FD) northwest European (NWE) basis and in the deep-sea market on a cost, insurance & freight (CIF) coastal basis.
Market fundamentals, such as supply-demand developments and production issues, both planned and unplanned, in the derivative markets downstream are all covered on a weekly basis in the report.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Propylene. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
Our time series of pricing data enables you to build and model trends, to get a view of where markets might be heading. The data service includes charting functionality, allowing you to chart and download multiple data series for manipulation in your own internal models. You can also export data to Excel via the ICIS dashboard service.
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ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
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