30 July 2012 16:09 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for August has been agreed at €1,175/tonne ($1,451/tonne), up by €140/tonne from July in an attempt to recover cracker margins lost as a result of the firm upstream crude oil and naphtha market, a major producer said on Monday.
The contract, which is on a free delivered (FD) northwest Europe (NWE) basis, was agreed between the producer and a non-integrated consumer and is fully confirmed.
An initial European propylene contract price for August was agreed on 27 July at €1,065/tonne FD NWE, up by €130/tonne from July. This was between a major consumer and two of its suppliers. This has not yet been followed by a second consumer.
Traditionally, two producers and two consumers are required to confirm a settlement before the new number can be established as the contract reference price.
($1 = €0.81)
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