The contract price of ethylene in Europe for October deliveries was agreed at the level of EUR1,145 per tonne, which is EUR10 per tonne higher than the level of September, participants in the contract market told ICIS on Friday.

The contract price was approved on the terms of delivery FD NWE (with delivery to North-West Europe).

This contract price was directly confirmed by two manufacturers and two buyers of the material, which is the minimum necessary configuration for the approval of the contract price of propylene. Confirmation from another manufacturer is pending.

Higher prices for naphtha in September were offset by lower than expected demand, which led to discounts on spot volumes, despite the increase in contract prices.

Earlier it was reported that the contract price of ethylene in Europe for September deliveries was agreed at the level of EUR1 350 per ton, remaining unchanged at the level of August.

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

According to Scan Report Company Market Report, in Russia for the first eight months of the year, the estimated consumption of PE was 1,305.45 thousand tons, which is 8% more than a year earlier. Deliveries on all types of polyethylene increased