01 March 2013 21:54 [Source: ICIS news]
HOUSTON (ICIS)--US February ethylene contracts started to settle at a rollover from January, sources confirmed on Friday.
Sources said February ethylene contracts were settling at 48 cents/lb ($1,058/tonne, €815/tonne).
The settlement comes as ethylene spot prices fell by an average of 1 cent/lb in February from January, but production costs increased by a similar amount.
Typically, the US ethylene contract is settled at the beginning of the month for the previous month.
Major US ethylene producers include Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell and Shell Chemical.
Major buyers include Axial, Dow Chemical, Occidental Chemical and Total.
($1 = €0.77)
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