01 December 2011 22:23 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for November began to settle on Thursday at an increase of 1 cent/lb ($22/tonne, €16/tonne).
The increase, which puts the monthly contract at 55 cents/lb, followed higher spot prices last month, which more than offset a decrease in feedstock ethane prices.
A full-market settlement for November is yet to be confirmed.
US ethylene contracts usually settle at the beginning of the month for the previous 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 = €0.74)
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