The contract price of propylene in Europe for November deliveries was agreed at EUR840 per tonne, down EUR30 per tonne from October, ICIS reported.

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

The agreement was directly confirmed by two manufacturers and two consumers, a confirmation from a third consumer is expected.

Prices for primary crude oil rose EUR5-10 per month compared to the previous month, but weak demand led to lower derivative prices.

Earlier it was reported that the contract price of propylene in Europe for October deliveries was agreed at EUR870 per tonne, which is EUR10 per tonne higher than in September.

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

According to the ICIS-MRC Price Survey, in Russia last week in the local polypropylene market by some panic sellers, suppliers went for a significant reduction in the prices of PP-homo raffia in the hope of selling off their stocks. Demand for this PP is still low, and market price reductions are causing a backlash – consumers are limiting their purchases.