27 October 2011 18:00 [Source: ICIS news]
LONDON (ICIS)--An initial European November ethylene contract price has been agreed at €1,095/tonne ($1,521/tonne), down by €20/tonne from October, a major producer said on Thursday.
The decrease is primarily because of soft demand from its key derivative polyethylene (PE) which has led to significant cutbacks in cracker operating rates.
The contract, which is agreed on a free delivered (FD) northwest Europe (NWE) basis, was between the major producer and one of its customers - a major integrated ethylene consumer.
A second producer has also followed the settlement with the same consumer. Confirmation from the consumer is still pending.
($1 = €0.72)
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