Prices of most petrochemicals have begun a backward trek after having registered gains in the first few weeks of 2009. For the fourth consecutive week, ethylene prices have been falling in Asian markets.
The same trend seems to be prevailing in Far East markets too, while prices in Europe reversed the trend of last week and fell in the current week but, marginally. Ethylene prices in the Houston markets in the US also followed cues from European and Asian markets to go in the same direction.
Last week for instance in the Asian region, ethylene prices for CFR Northeast Asia were quoted at US $675-685 per metric ton, which have now further moved down to $635-645 per metric ton. Ethylene prices for CFR Southeast Asia, though continued to retain stable since the last two weeks at $605-615 per metric ton.
Ethylene prices for the Far East region also fell from $635 per metric ton (FOB South Korea) last week to $595 per metric ton yesterday, while FOB Japan, too was quoted at $595 per metric ton, in also falling from a price of $635 per metric ton, quoted in the last week.
In the Europe region, prices of ethylene though stayed flat at the same rates prevailing on previous Wednesday. Both, FD Northwest Europe and CIF Northwest Europe stayed stable at the previous week's level of €625-630 per metric ton and $755-765 per metric ton, respectively.
The US markets which had witnessed a trail blazing jump in ethylene prices last week, also fell in line with Asian markets to US cent 31.255-31.505 per pound from US cent 33.130-33.380 per pound.
Fibre2fashion News Desk - China
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