27 October 2010 12:46 [Source: ICIS news]
LONDON (ICIS)--An initial European November ethylene settlement has been agreed up by €28/tonne ($39/tonne) at €978/tonne, a net producer and consumer said on Wednesday.
The parties involved were also the first settlers in the initial propylene settlement. Confirmation from other players was still outstanding.
“It was a feedstock driven settlement,” said the consumer involved in the first agreement. This was linked to recently higher upstream naphtha costs.
The seller echoed this, adding that other contributory factors for the increase included reasonable derivative demand and limited availability for prompt material due to strike action and planned maintenance shutdowns.
The settlement was done on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.72)
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