25 May 2012 14:50 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract settlement for June has been agreed at €1,205/tonne ($1,506/tonne), down by €120/tonne from May, to reflect soft demand and supply fundamentals and a weak feedstock market, a major producer said on Friday.
The contract, which is agreed on a free delivered (FD) northwest Europe (NWE), was between the major producer and six of its customers.
A second producer has also confirmed the settlement.
Confirmation has been received directly from two customers, but is still pending from four customers and a third producer.
($1 = €0.80)
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