03 May 2011 22:20 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for April were mostly settled at 57.25 cents/lb ($1,262/tonne, €846/tonne), rising by 3.50 cents/lb from March on higher spot prices and increased production costs, market sources said on Tuesday.
US ethylene contracts usually settle at the beginning of the month for the previous calendar month.
Two settlement participants confirmed the April increase that put contracts at 57.25 cents/lb.
The April increase is the third in as many months for the US monomer.
Ethylene in March settled at 53.75 cents/lb, rising by nearly 10% from February, also as a result of increased spot prices and higher production costs.
Major US ethylene producers include Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell and Shell Chemicals.
Buyers include Dow Chemical, Georgia Gulf, Occidental Chemical (OxyChem) and Total.
($1 = €0.67)
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