09 December 2011 23:59 [Source: ICIS news]
Market sources said that formula-linked EO contract prices had decreased by around €12/tonne ($16/tonne), representing 80% of the €15/tonne fall in the monthly ethylene price.
Most freely negotiated EO contracts declined by a similar amount, market participants added.
December EO contract prices were assessed at €1,200-1,367/tonne FD (free delivered) NWE (northwest Europe) and €1,240-1,397/tonne FD MED (Mediterranean).
Seasonal destocking is under way, as is usual for December, although sources are divided on whether market activity will return to normal in January, given weak demand in some derivative markets and widespread economic uncertainty.
European EO producers include INEOS Oxide, BASF, Shell, Clariant, Sasol, Dow, IQA, PKN and AkzoNobel.
($1 = €0.75)
For more on EO visit ICIS chemical intelligence.
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