US spot ethylene dips to 39.50 cents/lb, lowest in 20 months

13 June 2012 21:42  [Source: ICIS news]

HOUSTON (ICIS)--US ethylene for prompt delivery traded twice on Wednesday at 39.50 cents/lb ($871/tonne, €697/tonne), falling to a 20-month low on weak demand, loose supply and reduced feedstock costs.

US ethylene for prompt delivery was last transacted under that level during the week ended on 22 October 2010, when the monomer traded at 38.00-38.50 cents/lb.

Ethylene prices have dropped by 48% since mid-April, when the product surged to a record 76.125 cents/lb on tight supply resulting from unplanned outages and a busy cracker turnaround season.

Ethylene for July traded on Wednesday at 39.25 cents/lb. The monomer was bid at 37 cents/lb with no offers for third-quarter delivery.

($1 = €0.80)

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By: William Lemos
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