02 March 2012 23:53 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for February settled at 54.00 cents/lb ($1,190/tonne, €893/tonne) on Friday, down by 1.75 cent/lb from January, pressured by lower production costs in recent weeks.
The 3% drop came as cash costs for ethylene in February fell by 9 cents/lb to 15.20 cents/lb, following a sharp decline in ethane prices.
The reduction outweighed a 6 cent/lb increase in ethylene spot prices, which averaged 65.44 cent/lb in January.
US ethylene contracts usually settle at the beginning of the month for the previous month.
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