11 April 2012 03:38 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for March were settled at 55.75 cents/lb ($1,229/tonne, €934/tonne), up by 1.75 cents/lb from February, market sources said on Tuesday, confirming initial settlements reached last week.
The 3.2% increase in March was driven by higher spot prices and production costs last month.
US ethylene spot prices averaged at 68.08 cents/lb in March, up from 65.44 cents/lb in February, while production costs for ethane-based ethylene averaged at 16.27 cents/lb, up from 15.26 cents/lb in the previous month.
US ethylene contracts are usually settled at the beginning of the month for the previous month.
The hike in March was a reversal of the drop in February, when contracts fell by 1.75 cents/lb to 54.00 cents/lb, pressured by lower production costs that month.
($1 = €0.76)
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