London — The March contract price of ethylene in Europe was settled at Eur1,057/mt (about $1,292/mt) Wednesday down Eur20/mt from February, parties involved said. Receive daily email alerts, subscriber notes & personalize your experience. The initial agreement between LyondellBasell and Clariant was followed by BASF and another buyer, BASF and Clariant confirmed. LyondellBasell did not immediately reply to a request for comment. A decrease in the contract price was widely anticipated following declines in the price of feedstock naphtha throughout February. S&P Global Platts assessed the spot price of ethylene at a 2% discount to the MCP for March delivery Friday. There were few deals reported in the spot market in advance of the settlement. "I don't think there is too much material available in Europe. I've been checking with almost everybody," a trader said of the supplies in the spot market Friday. --Conor Molumby, conor.molumby@spglobal.com--Edited by Maurice Geller, maurice.geller@spglobal.com
The contract price for ethylene in Europe has fallen following expected declines in the price of feedstock naphtha. The March price of EUR1,057 ($1,292) per metric tonne was settled down $23.34 from the February figure, initially by LyondellBasell and Clariant but followed by BASF and another buyer. S&P Global Platts said the spot price of ethylene represented a slight discount, but few deals were reported before the settlement was announced.