The contract price of propylene in Europe for February deliveries had been agreed at the level of EUR815 per tonne, which is above the level of January EUR45, ICIS reported, citing sources in the market.

The contract agreed upon conditions of free delivery (FD), North-West Europe (NWE).

Three of the buyer and the manufacturer confirmed the two transactions at this level, it is expected the deal the other two manufacturers and one buyer.

Market participants expect the February propylene prices, given the rise in prices of naphtha in January, the expected supply constraints and changes in the world market.

As reported earlier MRC, propylene contract price in Europe for January delivery was agreed at the level of EUR770 per tonne, which is above the level of December EUR45 price.