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(ICIS) -- The European propylene contract
price for August has fully settled at EUR 1.115/tonne (USD 1.593/tonne), down by
EUR 15/tonne, market sources said on Friday. This was the second number to
emerge as the initial EUR 1.130/tonne rollover settlement on 26 July failed to
garner the necessary support from the majority of propylene consumers.
They said the rollover was unacceptable and out of line with reality. One
source said that buyers were utterly dismayed because a rollover had been the
opening position of most suppliers and that firm offers had already been
received at EUR 20-30/tonne reductions.
The opposition to the rollover settlement was primarily because many
sources felt it did not accurately reflect the current bearish market
conditions. Sources added that it was especially unrepresentative in the light
of the August ethylene contract settlement, which was up by EUR 30/tonne
at EUR 1.120/tonne. A higher contract price for propylene compared with ethylene
would indicate that firmer market conditions prevail, but this is clearly not
the case.
mrcplast.com
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