The Northwest European propylene contract price for June fully settled Tuesday at Eur840/mt ($937/mt) FD, a Eur40 decrease from the May contract price.
Buyer LyondellBasell confirmed an initial settlement with sellers BASF and Shell. BASF confirmed its involvement in this settlement, while Shell wasn't immediately available for comment.
A full settlement was arrived at with seller BASF and buyer Ineos, which BASF confirmed. Ineos did not respond to a request for comment.
The fall in the contract price in June follows a dip in feedstock prices in late May.
"The decrease of Eur40/mt was not on supply and demand, which is balanced [in Europe] but more so on raw material costs coming down," a buyer said.
Naphtha, Europe's primary feedstock at steam crackers, was last assessed on Friday at $428/mt CIF NWE, down 5.6% since propylene's last settlement date for May.
