The European spot ethylene price resisted a plunge in the Northwest European price of feedstock naphtha Friday to a 20-month low as cracker operators cut production rates, sources said.
At the European close Friday, spot ethylene prices were assessed at Eur895-900/mt FD NWE, up Eur40 on the week, marking the first rise since early April, Platts data show.
Ethylene values rose as European cracker operating rates dropped to 70-75% amid lackluster buying, which cleared excess ethylene supply, industry sources said.
A producer said that he was not willing to sell ethylene below Eur900/mt FD NWE.
Meanwhile, the CIF NWE naphtha price was printed at $733.75/mt on Friday's close, down $20.25 on the day, the lowest level since September 30, 2011, Platts data show.
