NewsFlashInitial Europe Q1 C2 settles up €78/t

19 December 2007 16:07  [Source: ICIS news]

LONDON (ICIS news)--A first European ethylene first-quarter contract has been agreed up €78/tonne ($113/tonne) at €1,023/tonne, a new record high due to ongoing cost pressure, including record high crude oil and naphtha levels, a major producer and consumer said on Wednesday.

The settlement was made between a German producer and INEOS Polyolefins and was agreed on an FD (free delivered) NWE (northwest Europe) basis.

Some sellers had been aiming for a €100/tonne hike, saying this was needed to make margins manageable in the first quarter.

The fourth-quarter contract was agreed at €945/tonne FD NWE, an increase of €20/tonne.

Key European producers and consumers include Shell, Polimeri, INEOS Olefins, BPRP, BASF, Total, Basell, INEOS polyolefins and Borealis.

($1 = €0.69)

By: Edward Cox
+44 20 8652 3214

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