03 September 2013 09:24 [Source: ICIS news]
LONDON (ICIS)--An initial European ethylene contract price for September has been agreed at €1,260/tonne ($1,658/tonne), up by €50/tonne from August, an integrated consumer said on Tuesday.
This initial settlement was between an integrated consumer and a main producer. The main producer had also followed the settlement with a pure consumer.
The second buyer was also understood to have settled the price with a second producer, although confirmation was pending from the second seller at the time of writing.
The upward price move was seen to be a justified number taking into account the recent feed pressure.
The settlement is agreed on a FD (free delivered) NWE (northwest European) basis.
($1 = €0.76)
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