Initial Europe March ethylene CP up €85/tonne at €675/tonne

20 February 2009 10:05  [Source: ICIS news]

LONDON (ICIS news)--An initial European ethylene (C2) contract for March has been agreed at €675/tonne ($854/tonne), up €85/tonne from February, a key contract seller said on Friday.

The settlement, which was agreed on a free delivered (FD) northwest Europe (NWE) basis, was between a key Germany-based producer and one of its customers, a non-integrated ethylene consumer.

An increase was widely anticipated given the continued uptrend in feedstock naphtha and a slow but steady improvement in demand, notably for polyethylene (PE).

The February ethylene contract settled at €590/tonne FD NWE.

($1 = €0.79)

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By: Nel Weddle
+44 20 8652 3214

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