08 July 2013 19:05 [Source: ICIS news]
HOSTON (ICIS)--US ethylene margins increased by 1.3% week on week for the week ended 5 July, the ICIS margin report showed on Monday.
US ethylene margins on ethane-based spot material climbed to 49.74 cents/lb ($1,097/tonne, €856/tonne), up from the previous week’s level of 49.08 cents/lb.
Much of the increase in margins came as spot prices gained 0.5-1.0 cents/lb during the week, surprising some market participants.
Sources had said they expected ethylene spot prices to slide into the low-50s cents/lb level following several cracker restarts.
However, spot prices moved higher, with some attributing it to slightly improved demand and some supply tightness.
Feedstock ethane costs were steady week on week at 10.63 cents/lb, while cracker co-product credits fell to 3.62 cents/lb from 3.71 cents/lb.
US ethylene for July was heard offered at 59-60 cents/lb on Monday against no fresh bids.
($1 = €0.78)
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