19 December 2008 19:55 [Source: ICIS news]
HOUSTON (ICIS news)--US ethylene contracts for December were fully settled at a drop of 9.5 cents/lb ($209/tonne or €146/tonne) from November, a market source said on Friday.
The drop, which puts December ethylene at 28.50 cents/lb, is the fifth consecutive monthly drop since contracts peaked at 74.50 cents/lb in July, according to global chemical market intelligence service ICIS pricing.
US ethylene fell by a combined 36.50 cents/lb in August-November due to weak demand and lower feedstock costs.
Chevron Phillips Chemical, Equistar, ExxonMobil, INEOS and Shell Chemicals are among the major producers of ethylene in the US. Dow Chemical, Georgia Gulf, Occidental Chemical (OxyChem) and Total are among the buyers.
($1 = €0.70)
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