28 September 2011 12:30 [Source: ICIS news]
LONDON (ICIS)--The European ethylene October contract price has settled at a rollover €1,115/tonne ($1,527/tonne) as the need to restore cracker margins was offset by soft demand downstream, particularly in the derivative polyethylene (PE) market, industry sources said on Wednesday.
Two major olefins producers and two key consumers, one non-integrated and the other integrated, have now confirmed the settlement.
One of the consumers described it as a “fair compromise”.
Confirmation from two other consumers is still pending.
The contracts are agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.73)
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