04 March 2014 16:02 [Source: ICIS news]
HOUSTON (ICIS)--US February ethylene contracts reached an initial settlement down 1.5% month on month, sources confirmed on Tuesday.
The initial settlement puts February contracts at 49.50 cents/lb ($1,091/tonne), down from the January settlement of 50.25 cents/lb.
The decline was in line with market expectations, as production costs rose 3-4 cents/lb while spot prices fell 5-6 cents/lb.
Some market players had expected a rollover, but others said a decline of 1 cent/lb or less was more likely.
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