LONDON (ICIS)--An initial European June propylene contract price has been agreed up by €10/tonne at €1,160/tonne, two main consumers and one producer said on Wednesday.
The initial settling buyer said it had agreed with a main seller, although confirmation was still pending.
Another seller said it had agreed the plus €10/tonne with a second customer and confirmation has been received from both parties.
The second customer said it had also followed this settlement with a third seller, although confirmation from the latter was also pending.
The increase was seen to be “a compromise” according to both buying and selling parties.
One of the settling buyers said that a rollover did not seem within reach, and a lot of sellers were positioning around plus €25/30 until the ethylene settlement was done.
It said “it is fair” not to have a further strengthening of propylene over ethylene this month.
The propylene contract is agreed on a free delivered (FD) northwest Europe (NWE) basis.