13 April 2012 23:00 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--US ethylene oxide (EO) contract values for March were assessed higher by 1.40 cents/lb ($31/tonne, €23/tonne) on Friday.
EO was assessed by ICIS at 57.40-66.90 cents/lb. The formula-based pricing is contingent upon the monthly ethylene contract settlement, which fully settled this week for March.
US ethylene contracts for March were settled at 55.75 cents/lb, up by 1.75 cents/lb from February.
The 3.2% ethylene 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.
The ethylene 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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