26 January 2011 17:39 [Source: ICIS news]
LONDON (ICIS)--Two initial European ethylene (C2) contract settlements for February have been agreed up by €25/tonne ($34/tonne) at €1,135/tonne, a major producer said on Wednesday.
The contracts, on a free delivered (FD) northwest Europe (NWE) basis, were between the producer and two of its customers. Confirmation from the customers, both polyvinyl chloride (PVC) producers, was still pending.
An increase had been widely expected because of a tighter than expected supply and demand balance and a bullish naphtha outlook.
February propylene (C3) contract price discussions were still ongoing with a settlement expected on Thursday.
($1 = €.73)
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