26 April 2013 13:01 [Source: ICIS news]
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LONDON (ICIS)--The European ethylene and propylene contract price benchmarks for May are now fully established at €1,165/tonne ($1,513/tonne) and €1,025/tonne respectively, market sources said on Friday.
Ethylene settled down by €100/tonne, while propylene slipped €80/tonne – no surprise for the market.
There had been considerable doubt that a settlement would be reached before the weekend. Some discussions had started quite late in the week and while a decrease was always widely expected, there were the added complications of a firming upstream naphtha market and news of an extended shutdown at Shell’s cracker at Moerdijk in the Netherlands.
However, with a number of European countries having public holidays next week, sources said they did not want to take the risk of delaying the settlements further.
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($1 = €0.77)
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