17 December 2010 23:59 [Source: ICIS news]
LONDON (ICIS)--European ethylene oxide (EO) contract prices for December have risen by at least €22/tonne ($29/tonne) from November, mainly driven by firmer feedstock costs, market players said on Friday.
ICIS assessed European December EO contract prices between €1,137-1,182/tonne FD (free delivered) NWE (northwest Europe) and €1,177-1,212/tonne FD Med (Mediterranean).
Formula-related EO contracts moved up in line with the increase in the December contract price of the feedstock ethylene.
Freely negotiated business mirrored the trend seen with formula contracts, based on sufficient supply.
Demand displayed good momentum. Despite the approach of the Christmas and New Year holiday period, there was only a slight seasonal reduction in demand.
Sources mainly described the market as balanced. A few sellers said they had low EO stocks because of the effects of plant outages in the second half of the year and some losses in capacity over the course of 2010.
($1 = €0.76)
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