04 January 2012 14:16 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for December began to settle at 54.75 cents/lb ($1,207/tonne, €929/tonne), falling by 0.25 cents/lb from November, market sources said on Wednesday.
The small drop came after feedstock ethane prices fell by around 8% in December, more than offsetting an increase in ethylene spot prices last month.
The initial settlement was confirmed by some settlement participants, but it was not yet market-wide, according to sources.
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 and Total.
($1 = €0.77)
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