27 February 2013 12:40 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for March has been agreed at €1,325/tonne, ($1,721/tonne), up by €50/tonne from February on higher naphtha feedstock costs, a major consumer said on Wednesday.
The contract, which is settled on a free delivered (FD) northwest Europe (NWE) basis, was between the major consumer and a major producer. A second producer has also agreed and confirmation from both the first and second producers is pending.
This initial settlement has been greeted with a mix of opinions from other players – some expected more of an increase given naphtha’s volatility over the past couple of weeks while others were anticipating an increase better tempered by demand concerns.
($1 = €0.77)
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