24 May 2011 13:45 [Source: ICIS news]
LONDON (ICIS)--Three initial European ethylene (C2) contract price settlements for June have been agreed at €1,185/tonne ($1,669/tonne), down €45/tonne from May, because of softer upstream crude oil and naphtha prices, a major producer said on Tuesday.
The decrease, which was in line with market expectations, snapped the seven-month run of rising ethylene prices.
The contract settles on a free delivered (FD) northwest Europe (NWE) basis.
Confirmation from two out of the three consumers involved in the agreements is still pending.
($1 = €0.71)
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