The contract price of propylene in Europe for March delivery was at the end of last week fully agreed at the level of EUR865 per ton, to EUR50 per tonne higher than the February price, said ICIS.

This agreement was reached due to confirmation from the two producers and two consumers.

The contract price is considered to be completely harmonized after its confirmation by at least two manufacturers (suppliers) and from two users.

The contract price was approved under the terms of FD NWE (delivery in North-Western Europe).

As reported earlier MRC, propylene contract price in Europe for February deliveries had been agreed at the level of EUR815 per tonne, which is above the level of January EUR45.

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

According to the price review ICIS-MRC, last week in the Russian polypropylene market was fairly quiet due to a long weekend (Thursday-Sunday), many companies have taken a pause in PP purchases. Some companies have begun talks on March PP supply contract, but the final deal will be settled only in the current week. Demand for polypropylene in the last month was low enough for some types of PP recorded price declines. The only exception was Pipe PP-Random.