30 September 2013 22:47 [Source: ICIS news]
HOUSTON (ICIS)--US front-month ethylene fell to a 14-month low on Monday after a trade for September material.
The deal was done at 50.25 cents/lb ($1,108/tonne, €820/tonne), the lowest for front-month ethylene since two trades in mid-August 2012 at 49.50 cents/lb.
The Monday trade was lower from a trade the previous Friday at 50.75 cents/lb, which represented a 10-month low from two deals at that level done in December 2012.
Spot ethylene has been falling in September, largely on the back of longer supply, as only one major US cracker is down.
Despite strong operating rates for US crackers, feedstock ethane costs have been largely steady and have failed to counterbalance the long supply.
Front-month ethylene will switch to October on Tuesday, with bids and offers for that material heard at 49.75-52.00 cents/lb on Monday.
($1 = €0.74)
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