The initial contract price of propylene in Europe for January supplies was agreed at the level of EUR912 per ton, which is by EUR20 per ton higher than the level of December, ICIS reported with reference to price confirmation from one consumer and two producers on Thursday.

The contract price was approved on the basis of FD NWE (with delivery to North-Western Europe).

Confirmation of this contract price by the fourth participant of the negotiation process is expected.

The contract price is considered fully agreed upon after confirmation from a minimum of two producers (suppliers) and from two consumers.

Earlier it was noted that the contract price of propylene in Europe for December supplies was agreed at the level of EUR892 per ton, which is EUR32 per ton higher than the November price.

Propylene is the main raw material component for the production of polypropylene (PP).

According to the Price Review of ICIS-MRC, this week in Russia the contract prices of PP for deliveries in January have traditionally been agreed. Unambiguous position on prices in the next month, manufacturers do not, reported both on price increases and declines.