29 May 2013 17:13 [Source: ICIS news]
LONDON (ICIS)--A second European ethylene contract price settlement for June has been agreed at €1,170/tonne ($1,500/tonne), up by €5/tonne, a major producer said on Wednesday.
The second contract agreement quickly followed an initial European ethylene settlement at the same price.
The small increase reflects the recent gains on naphtha and the fact that demand is forecast to be reasonable in June, the producer said.
The contract is settled on a free delivered (FD) northwest European (NWE) basis.
Two major producers have confirmed settlement, while confirmation is pending from a second major consumer.
Once fully confirmed, the June ethylene contract price benchmark will be considered established.
($1 = €0.78)
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