30 January 2009 21:56 [Source: ICIS news]
HOUSTON (ICIS news)--US ethylene (C2) producers nominated contract increases of 4.0 and 6.5 cents/lb ($88/tonne and $143/tonne, €68/tonne and €110/tonne) for February, market sources said on Friday.
The initiatives came the same week January contracts settled at 31.50 cents/lb, up by 3 cents/lb from December.
The increase in January reversed a five-month downtrend during which ethylene prices fell by 62%, according to global chemical market intelligence service ICIS pricing.
The uptrend in US ethylene stems largely from supply constraints and slightly improved demand, according to market sources.
US ethylene contracts peaked at 74.50 cents/lb in July.
Chevron Phillips, 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 = €0.77)
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