The contract price of ethylene in Europe for February delivery was finally agreed at the level of EUR1 020 per tonne, up EUR35 higher than the previous month, on Tuesday told ICIS consumer market.

This is the highest price level since August 2015.

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

This increase ethylene contract price was to be expected on the market in view of the rising trend in naphtha quotation in January.

Market sources said that this was a reasonable compromise.

Two and three consumer products directly confirmed the approval of the ethylene price on February. Meanwhile, confirmation expected more from a single source, and two other consumer expressed their support for this agreement.

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

As reported by the MRC, ethylene contract price for deliveries in Europe in January, it has been completely agreed upon at the level of EUR985 per tonne FD NWE, up EUR45 above December levels.

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