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Initial Europe Dec propylene down by ?18/tonne at ?995/tonne

November 29/2011

LONDON (ICIS) --The initial European propylene contract settlement for December has been agreed down by ?18/tonne ($24/tonne) at ?995/tonne between a net producer and two non-integrated buyers, they said on Tuesday.

There was no immediate confirmation from other sellers.
One of the buyers involved in the settlement, which was done on a free delivered (FD) northwest Europe (NWE) basis, said that demand is bad and prices need to be lower.
The second customer said it had expected a reduction of around ?20/tonne and did not think a further decrease would be achieved due to high feedstock costs, even though it is needed for derivative competitiveness.

Perspectives of development of the polymers markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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