22 April 2010 15:40 [Source: ICIS news]
LONDON (ICIS news)--An initial European ethylene rollover for May was fully confirmed on Thursday after receiving further buyer and seller support, market sources said.
A second seller followed the initial settlement with the same pure consumer, who made the agreement with the first seller. A second buyer also settled at a rollover with the first seller.
The settlement was agreed at €960/tonne ($1,286/tonne) on a free delivered (FD) northwest Europe (NWE) basis.
Other market players considered the outcome to be reasonable, citing balanced supply and firm feedstock values.
One buyer said that the olefins agreements were reached very early this month, stating that it had only just started its ethylene contract discussions this morning.
The source suggested that sellers may have acted quickly to settle ethylene in the context of recent export activity to South America and some production difficulties in the ?xml:namespace>
(€1 = €0.75)
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