28 September 2012 08:34 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for October has been agreed at €1,290/tonne ($1,675/tonne), down by €10/tonne from September reflecting a slightly lower feedstock situation, a consumer said on Friday.
“Given the whole picture, this is a fair settlement” the counter-party said.
Sources had said earlier this week that the continuous fluctuations on crude and naphtha and the ongoing worries over demand levels had meant that the October contract price outcome would be difficult to predict.
Stability was therefore seen by many as a viable option.
However, it remains to be seen whether other remaining contract participants will follow.
The contract price is agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.77)
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