29 October 2013 10:04 [Source: ICIS news]
(adds detail of full confirmation)
LONDON (ICIS)--The European ethylene contract price for November is confirmed at €1,195/tonne ($1,660/tonne), down by €30/tonne from October, primarily to reflect softer feedstock naphtha values, market sources said on Tuesday.
A decrease was widely expected not only because of the weaker feedstock market but also partly in recognition that the supply and demand balance could lengthen as planned cracker maintenances are completed and year-end inventory considerations take hold.
So far, four producers and four consumers have directly confirmed the settlement. Confirmation from one other producer and two other consumers is pending.
The settlement at €1,195/tonne has been accepted by a broad range of derivative sectors.
The contract is agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.72)
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