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Spot ethylene prices fall back
15
Jul '10
In the previous week, Asian spot ethylene prices started to decline and the news of the shutdown of No-1 naphtha cracker (production capacity of 700,000 tons / year) of Formosa Petrochemical caused further drop in ethylene price.

The cracker shut down at noon of July 7 due to an explosion caused by distillation leak and according to experts may be closed for 2-3 months. It is reported that the No-2 cracker (capacity of 1.03 million tons / year) of Formosa is scheduled to have maintenance in late October.

Market sources said, Abu Dhabi released bids last week to sell 4,500 tons of cargo with shipment in mid or late July, closing date was expected to be July 11.

In derivatives market, price of high-density PE film materials fell US $20 to $1,000-1,050 / ton (CFR China). Styrene price fell $5-10 to $985-1,000 / ton (CFR China). MEG price rose $5 to $705-710 / ton (CFR China), while PVE price remained at $840-860 / ton (CFR China).

In Northeast Asia, spot ethylene price stood at $860-910/ ton (CFR Northeast Asia). In Southeast Asia, ethylene spot was valued at $800-830 / ton (CFR South East Asia), reflecting the market's transactions and the level of offers and bids.

3500-4500 tons of cargo will arrive in the market in early August. The cargo was traded at $800 / ton (CFR Indonesia).

Buyer's intention for August cargo was $800/ ton (CFR South East Asia), while sales intention was US $830-850/ ton (CFR South East Asia).

It is reported that the PE plant (capacity of 600,000 tons/ year) of ExxonMobil in Singapore has restarted operation, but no spot cargoes were sold in the week.

In the FOB Southeast Asian market, market sources said, 3,500 tons of cargo for shipment in late July was sold at $700 / ton, the cargo would be shipped to Northeast Asia.

Fibre2fashion News Desk

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