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PE and PP European buyers concerned over increases in ethylene and propylene contracts

April 28/2011

(ICIS) -- Several polyethylene (PE) and polypropylene (PP) buyers in Europe expressed concern on Thursday over increases in upstream ethylene (C2) and propylene (C3) contracts.


The market is not going to be able to support this, one PP buyer said, commenting on producers targets to cover the EUR 35/tonne (USD 51/tonne) increase in the May propylene contract price. The contract settled on Wednesday at EUR 1,245/tonne FD (free delivered) NWE (northwest Europe).


Another PP buyer felt the new propylene contract price was too high and failed to reflect market fundamentals. Weve been robbed again, he added.


PE buyers are no less frustrated. The best they can get from this plus EUR 25/tonne is a rollover in PE, one buyer said.


The ethylene contract for May settled on Wednesday, up EUR 25/tonne, at EUR 1.230/tonne FD NWE and producers have already made it clear they will seek at least to cover the EUR 25/tonne increase in the monomer contract, with some sellers gunning for more.


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