08 May 2012 22:15 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene spot prices fell sharply on Tuesday, losing around 12% in one day likely as a result of supply pressure after the restart of two crackers in recent days.
Ethylene for May delivery traded as low as 53.50 cents/lb ($1,179/tonne, €908/tonne), dropping from a deal done at 61 cents/lb on Monday.
May ethylene traded last week at 63.00-63.25 cents/lb, down from 66.00-68.50 cents/lb a week earlier.
Another source also pointed to a "major correction", saying US ethylene prices had been priced above polymer prices in recent weeks.
Ethylene for May was last heard bid at 52 cents/lb with no offers. Ethylene for June was bid at 50 cents/lb, also without offers.
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