August US C2 initially up 1 cent/lb

24 August 2007 21:25  [Source: ICIS news]

HOUSTON (ICIS news)--August ethylene contracts initially settled up by 1 cent/lb ($22/tonne) at 49.5 cents/lb, a buyer said on Friday.

Prices moved higher amid strong demand for polyethylene (PE) and sentiment that inventories are lean, market sources said.

Producers had nominated increases of 3.5-5.0 cents/lb, while some buyers said they would seek to limit hikes to 1.0-1.5 cents/lb.

Other parties involved in the negotiations have not yet confirmed settling.

Chevron Phillips, Equistar, ExxonMobil, INEOS and Shell are among the major producers of ethylene in the US.

Dow Chemical, Georgia Gulf, Occidental Chemical and Total are among the buyers.
By: Mark Quiner
+1 713 525 2653

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