27 February 2012 17:33 [Source: ICIS news]
LONDON (ICIS)--A second major ethylene seller has followed the initial European March contract price agreement at €1,305/tonne ($1,764/tonne) with a major integrated consumer establishing it as the contract benchmark for March, it said on Monday.
“I was trying to achieve more, as the market is really under financial stress, but I couldn’t,” it said.
The record high settlement at €1,305/tonne marks an increase of €86/tonne from February and reflects the pressures higher upstream costs are placing on cracker margins.
Some producers were aiming for a three-digit increase, but consumers said that demand was still fragile amid ongoing macroeconomic uncertainties.
Two major sellers and consumers have confirmed the settlement. A third major consumer has yet to confirm.
The contract settles on a free delivered (FD) northwest Europe (NWE) basis. The previous high was at €1,230/tonne FD NWE in May 2011.
($1 = €0.74)
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