In Europe, the contract price for ethylene has been confirmed at Euro 940 per ton an increase of Euro 15 per ton as compared to September.

Most of the producers were expecting increase in price due to increase in naphtha cost over the month, amidst a backdrop of balanced supply and demand.

Two other producers have been named as co-settlers but direct confirmation from both of them remains outstanding.

Meanwhile, discussions continue over next month’s contract price for propylene currently in a stalemate between two camps, one at €730/tonne and the other at €720/tonne.

The contract is agreed on a free delivered (FD) northwest Europe (NWE) basis.