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September ethylene contracts rise by ?80/ton in Europe

August 28/2009
August, 28 ( -- September ethylene contracts in Europe rose by ?80/ton as per ICIS - as deals were assented to at ?875/ton. The rise can be attributed to rise in naphtha costs, a large number of cracker shutdowns and better-than-expected demand for ethylene derivatives in August.
Though enhanced demand has improved ability to absorb a price increase, it could be transitory. The improvement in demand is not an improvement in underlying demand but seems to be restocking. European monthly ethylene contract prices have increased 35% during 2009, mainly because of higher naphtha costs. The rise in the September contract was the fifth price hike this year. 

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