Initial Europe September ethylene up by €125/tonne

31 August 2012 10:48  [Source: ICIS news]

LONDON (ICIS)--An initial European ethylene contract price for September has been agreed at €1,300/tonne ($1,625/tonne), up by €125/tonne from August, a major producer said on Friday.

The agreement, on a free delivered (FD) northwest Europe (NWE) basis, was reached with one pure consumer, which also settled with a second producer.

A three-digit price increase was widely expected for September, based on higher upstream costs and the need to recoup margins at cracker level.

The buyer said that the plus €125/tonne was a compromise between the buy and sell positions of plus €100-150/tonne.

($1 = €0.80)

By: Heidi Finch
+44 20 8652 3214

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