03 June 2011 23:05 [Source: ICIS news]
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HOUSTON (ICIS)--US ethylene contracts for May settled at 58.50 cents/lb ($1,290/tonne, €890/tonne) on Friday, rising by 1.25 cents/lb from April as a result of higher spot prices last month.
The 2.2% increase was widely expected and followed higher spot prices in May, which sources said more than offset a drop in production costs last month.
US ethylene spot prices rose on average by around 4.50 cents/lb in May, while production costs dropped by about 2.00 cents/lb, market sources said.
Ethylene contract prices have risen by nearly 30% since settling at 45.25 cents/lb in January.
The increase in May was the fourth in as many months for the US monomer.
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 = €0.69)
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