28 March 2012 10:36 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for April has been agreed at €1,345/tonne ($1,793/tonne), up by €40/tonne from March because of firmer upstream costs, a major producer said on Wednesday.
The major producer said it had settled the contract with three of its customers, two non-integrated and one integrated. Direct confirmation has so far been obtained from one of the non-integrated consumers.
The non-integrated consumer said that the increase had been in line with its expectations, despite some other customers targeting a rollover.
A second producer is required to confirm the necessary “two plus two” producer-consumer configuration to establish €1,345/tonne as the April contract reference price.
The contract is agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.75)
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