LONDON (ICIS)--The European ethylene contract price for May has been fully established at €1,160/tonne, down by €5/tonne, following direct confirmation from three major consumers and two major producers on Wednesday.
Confirmation from a third major producer is pending. Two of the settling consumers were non-integrated, with the other integrated.
The €5/tonne decrease from April is being considered a nod in the direction of those ethylene players concerned over the huge disconnect between spot and contract numbers on the back of oversupply. The extent of the decrease was limited by a slightly firmer naphtha average over April compared with the previous month.
The European ethylene contract price settles on a free delivered (FD) northwest Europe (NWE) basis.
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