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)
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