NewsFlash1st Europe C2 Jun-Jul agreement up €40

25 May 2007 11:45  [Source: ICIS news]

LONDON (ICIS News)--A first ethylene (C2) bi-monthly agreement for June-July was reached on Friday morning at €925/tonne ($1,250/tonne), up €40/tonne, a buyer and a seller said.

The settlement, which was done on a FD (free delivered) NWE (northwest European) basis, reflected higher upstream naphtha costs over the past two months, the buyer and seller said.

It was so far unclear if other market players would follow the number. A second producer said it had previously offered a €50/tonne hike and was awaiting feedback from its consumers on Friday afternoon.

Both ethylene suppliers and consumers noted the importance of the bi-monthly settlement, saying that it would have an impact on quarter three price discussions that would start in June.

Participants in the bi-monthly negotiations include Shell, BASF, Solvay and INEOS oxide.

($1 = €0.74)

By: Edward Cox
+44 20 8652 3214

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