05 August 2014 17:52 [Source: ICIS news]
HOUSTON (ICIS)--US ethylene contracts for July have reached an initial settlement at a 3.7% increase from June, sources confirmed on Tuesday.
The settlement puts July contracts at 49.5 cents/lb ($1,091/tonne), a 1.75 cent/lb increase from June pricing.
Market sources had said that average ethylene spot prices for July had climbed by about 5 cents/lb, mostly a result of unexpected tight supply from several cracker shutdowns and delayed cracker restarts.
The increase in spot prices was expected to outweigh the drop in ethylene cash costs.
Major US ethylene producers include Chevron Phillips, Enterprise, INEOS, LyondellBasell and Shell Chemical.
Major buyers include Axiall, Occidental Chemical and Total.
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