The contract price of ethylene in Europe for December delivery was finally agreed at the level of EUR940 per tonne, which is below the EUR30 November in chertverg told ICIS market sources.

The contract price was approved under the terms of FD NWE (North-Eastern Europe).

However, still to be confirmed by a consumer who is involved in the coordination of prices.

The contract price is considered to be completely harmonized after confirmation from at least two producers and from two users.

Previously, it was noted that at the beginning of this week, one major manufacturer and its two customers in Europe have agreed on an initial ethylene contract price for December delivery on the below EUR45 in November. Thus, the original contract price of ethylene in the European market was agreed at the level of EUR925 per tonne.

As reported by the MRC, ethylene contract price for November in Europe it was finally agreed at the level of EUR970 per tonne, which is above the EUR30 October quotations. Contract ethylene price was set on the terms of FD NWE (northwest Europe).

Ethylene is a raw material for production of polyethylene (PE).

According to the price review ICIS-MRC, the Russian PE spot market last week of November it was quite calm, although in the first half of the week marked a slight uptick in consumer activity. In general, the market froze in anticipation of the new PE prices in December. In the contract market started negotiations on the December level of contract prices of polyethylene. In the market of high-density polyethylene (HDPE), the local producers were forced to reduce prices, while high-pressure polyethylene market (LDPE) in the majority of cases were prolonged rates of November and even recorded growth in some segments.