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On July 14, the European Commission issued a press release saying that Orbia, Clariant and Celanese were fined 260 million euros (about 2.
075 billion yuan) for violating EU competition rules
.
The European Commission’s investigation found that from December 2011 to March 2017, four chemical companies coordinated price negotiation strategies for ethylene sellers in the process of setting the ethylene monthly contract price (MCP), influencing the industry price reference, in order to obtain the right price.
Its favorable MCP
.
The four companies "participated in a cartel over ethylene market purchase prices," colluding to buy ethylene at the lowest possible price, and all four admitted their participation and agreed to a settlement, the European Commission said
.
“This cartel is designed to manipulate the price at which companies buy ethylene,” said Margrethe Vestager, vice-president of the European Commission
.
Clariant was fined 155.
8 million euros, Celanese was fined 82.
3 million euros and Orbia was fined 22.
3 million euros
.
The European Commission has extended the deadline for paying fines by three months
.
It is reported that in the ethylene procurement market, the price of ethylene fluctuates greatly.
In order to reduce the risk of price fluctuations, an MCP formula is often used in ethylene supply agreements, and MCP is an industry formed after separate negotiations between ethylene sellers and buyers.
Price reference
.
