03 October 2011 22:32 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for September settled at 54.50 cents/lb ($1,202/tonne, €902/tonne), down by 1 cent/lb from August, market sources said on Monday.
The fall in the September contract price follows a decline in spot values of over 20% for the month as a whole.
Market participants had expected ethylene contracts to drop in September, but only slightly, after a surge in ethane prices last month largely offset a 22% drop in ethylene spot prices.
Spot prices for prompt deliveries were assessed on 30 September at 49.00–50.25 cents/lb DEL (delivered).
Meanwhile, Mont Belvieu ethane ended September trading at 87 cents/gal, up by 24% from 70 cents/gal a month earlier, lifted by firm demand, logistics issues and short covering in the last week of September.
US ethylene contracts usually settle at the beginning of the month for the previous calendar month.
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 = €0.75)
Additional reporting by William Lemos
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