28 December 2012 12:15 [Source: ICIS news]
LONDON (ICIS)--The European ethylene contract price for January has been established at a rollover €1,275/tonne ($1,700/tonne) following confirmation from three major producers and two consumers, market sources said on Thursday.
The contract which is agreed on a free delivered (FD) northwest European (NWE) basis marks the third consecutive rollover for European ethylene at €1,275/tonne.
A rollover was widely expected from the start of the discussion process based on a relatively stable upstream market and a demand outlook for January which was better than expected.
Sources have attributed the more buoyant outlook to restocking very low inventories as well as the start of preparations for the spring cracker maintenance season.
($1 = €0.75)
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