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European propylene contract price for August down by EUR 15/tonne

July 29/2011

(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.

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