London — The Northwest European ethylene contract price for December fully settledat Eur1,057/mt ($1,252.50/mt), sources said, which was up Eur32/mt month onmonth.
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The initial agreement between LyondellBasell and Clariant, was followed byTotal and Ineos, some of the parties involved said.
Many market participants had said they were expecting an increase in theDecember contract price due to the higher cost of feedstock naphtha.
Naphtha CIF NWE was priced at $573.50/mt Wednesday, having steadily increasedfrom $499.00/mt at the beginning of October.
Spot prices for ethylene in Europe were most recently assessed by S&P globalPlatts to be trading at a 7% discount to December's contract price.
Supplies in the European ethylene market were plentiful, with high runs atplants and de-stocking by producers as the year draws to a close reported,sources said.
There was an unplanned shutdown at the site of Sabic's Geleen steam crackersin the Netherlands on Tuesday. Phased restarts of the plants have begun aspokesman for the operator said.
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