For decades, Europe's ethylene and propylene markets have relied on monthly contract settlements to establish pricing across the value chain. But changing market dynamics, greater discounting and a smaller pool of negotiators are prompting discussion about how pricing could evolve in the years ahead.In this episode of the Chemical Conversations series, Alan Williamson, Argus Olefins Consultant, speaks with Alex Sands, Head of European Olefins Editorial, about the evolution of Europe's pricing system, the role of spot markets, and the factors driving conversations around new pricing benchmarks.Tune in for insights on:Why monthly contract prices remain the foundation of European olefins tradingThe feedstock, supply-demand and spot market signals that influence settlementsHow Europe's pricing system differs from those used in Asia and the USWhy shrinking participation in negotiations is prompting discussion about alternativesHow new Argus price indices could provide additional transparency and commercial flexibilityThis episode is part of the Olefins Market Structure & Pricing podcast series, where Argus experts examine how ethylene and propylene markets operate across Asia, Europe and the US. The series explores the pricing mechanisms, commercial practices and market dynamics that underpin regional olefins trade, while highlighting how pricing approaches continue to evolve.