28 May 2008 16:56 [Source: ICIS news]
LONDON (ICIS news)--A first European ethylene (C2) bi-monthly contract for June-July has been agreed at €1,105/tonne, ($1,726/tonne), driven up €75/tonne from the April-May settlement by recent record naphtha highs, a major consumer said on Wednesday.
“It's an impressive number,” the source said, adding that there was no getting away from the naphtha story as cracker margins were very low.
The contract, which is concluded on a FD (free delivered) northwest ?xml:namespace>
The vast majority of European ethylene is concluded on a quarterly basis. Second quarter contracts were settled at €1,038/tonne FD NWE, up €15/tonne from the first quarter.
($1 = €0.64)
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