26 April 2013 10:51 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for May has been agreed down by €100/tonne ($130/tonne) at €1,165/tonne, a major consumer said on Friday.
A sizeable decrease was widely expected because of a drop in upstream crude oil and naphtha prices through April as well as soft derivative demand.
The fully confirmed contract, which is settled on a free delivered (FD) northwest European (NWE) basis, was between the major consumer and a major producer.
($1 = €0.77)
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