The initial contract price of propylene in Europe for September supplies was agreed at the level of EUR830 per ton, which is EUR40 per tonne higher than the level of August, ICIS reported one producer and one consumer on Tuesday.

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

The coordination of the contract price for September from other participants in the negotiation process continues.

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

Earlier it was noted that the contract price of propylene in Europe for the August supplies was finally approved at the level of EUR790 per tonne, as in July.

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

According to DataScope of the company MRC, the total volume of imports of PP to Russia fell by 7% in the first seven months of this year compared to the same period in 2016 and amounted to 92.6 thousand tons. Reduction of external supplies occurred only for several types of polypropylene.