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Price trends of ethylene & its derivatives weaken
07
Jul '10
In the just concluded week, Asian ethylene market weakened. However, the unexpected maintenance of a polyethylene plant with a capacity of 600,000 tons / year in Singapore caused some sales of spot cargo.

Ethylene price remained stable at the psychological level of US $900 / ton (CFR Northeast Asia), but some industry sources say the market may not have bottomed out, as operating rate of Asian naphtha crackers is still higher than 90 percent.

Price drop of upstream naphtha and crude oil makes buyers cautious; most suppliers in the region prefer to sell cargo at formula price, as spot market price is too low at present.

Widening spread between Northeast Asia and Southeast Asia has triggered a number of arbitrage opportunities. 3,000 tons of cargo with shipment in the second half of July was sold in Northeast Asia at $900/ ton (CFR).

However, Chinese import demand is expected to increase by the end of July, as plastic manufacturers will replenish stocks in preparation for production season in August.

Derivative market prices generally lowered in the week. High-density film grade polyethylene fell $10-30 to $1020-1070/ ton (CFR China). MEG prices fell $10-15 to $700-710 / ton (CFR China). Styrene price fell $30, to US $990-1010 / ton (CFR China). PVC price fell $10, to US $840-860 / ton (CFR China).

In the Northeast Asia market, spot price of ethylene ranged between $900-910/ ton (CFR Northeast Asia) in the week. In FOB Northeast Asian market, 3000-5000 tons of cargo for shipment in July was traded at $850 / ton (FOB China), but has not yet been confirmed.

In Southeast Asia, ethylene spot market prices fell $65-70 to $800-850 / ton (CFR South East Asia). Sales intention was about $850/ ton (CFR South East Asia) in the week, while purchase intention was $800/ ton.

Fibre2fashion News Desk

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