Petrochemical firm Ineos has announced a Eur100/mt ($124/mt) increase on its PVC contracts effective August 1 or as contracts allowed, the company said on Friday.
The announcement came ahead of the August ethylene contract price, which market participants expect to settle at a significant increase.
Buyers who regularly participate in monthly ethylene CP settlement said producers were pushing for a rise of Eur170/mt for both ethylene, propylene in August.
Two producers confirmed their position at plus Eur170/mt, mainly due to feedstock and as a measure to rebuild margins.
However, buyers were heard targeting a double-digit increase as an initial bargaining position given the fragile demand/end-user markets and seasonal August shutdowns.
The NWE gross contract price was reported settled down between 75-80/mt in July, it was assessed at Eur1,057.5/mt on Wednesday.
