US ethylene May CP settles 20% lower on month

The May US ethylene contract price settled 9.5 cents lower than the April CP, trade participants said June 2.

The settlement put the domestic April ethylene CP at 37.75 cents/lb, a decrease of 20% month on month. The decrease comes after April's price marked the highest level in more than six years, according to S&P Global Platts data, at 47.25 cents/lb.

The decrease was in line with market expectations.

The May CP settlement represents the first decrease after five successive increases, according to Platts data.

Spot ethylene prices have fallen 15.5 cents/lb from the time of last month's settlement, according to Platts data.

Platts last assessed spot Mont Belvieu ethylene at 34.25 cents/lb MtB-Nova June 1.