Tuesday, October 21, 2008

Cracker margins in Europe tank: ethylene buyers call for renegotiation of Q4 contracts

As the decline persists in both crude as well as naphtha prices, European contract cracker margins are threatening to breach levels of €1,000/ton ($1,351/ton), as per ICIS. Naphtha was currently beingg assessed at $495-505/ton CIF (cost insurance freight) NWE and spot ethylene prices are falling fast on poor demand and bearish sentiment globally to mid €600s/ton.

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