According to news from Houston on June 4, due to the dual impact of the oversupply and spot prices hitting record lows, the ethylene contract prices in April and May in the US were revised down by 1.5 cents/lb and 0.75 cents/lb, respectively, on Monday. The lowest level in more than two years.
The US ethylene contract price in April was determined to be 26.75 cents/lb ($590/ton), and the contract price in May was 26 cents/lb. The previous contract price in March was determined to be 28.25 cents/lb.
The US ethylene contract price has been the lowest level since February 2016. At that time, the contract price of ethylene fell to 25.75 cents/lb due to the low price of raw material ethane and the weak demand.