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(ICIS) -- Initial US ethylene settlements
for August were agreed at 55.50 cents/lb (USD 1,224/tonne, EUR 857/tonne), down
by 1.25 cents/lb from July, market sources said on Thursday.
The 2.2%
reduction resulted from a drop in production costs last month, which offset an
increase in average ethylene spot prices.
July ethylene settled at 56.75 cents/lb, as assessed by ICIS.The initial
drop for August surprised some market participants, who had expected a smaller
decline for the month. A larger drop was needed to keep US ethylene derivatives
competitive in the export market, a source said.
US ethylene contracts usually settle at the beginning of the month for
the previous month.
Spot ethylene for September traded on Thursday at 63.50
cents/lb, flat with a deal on Wednesday.
Major US ethylene producers include
Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell and Shell
Chemicals.
mrcplast.com
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