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Ethylene gains for second consecutive week
11
Aug '10
In the previous week, prices in the Asian ethylene market gained for the second consecutive week, because of recent increase of raw material naphtha price, meanwhile crude oil price also rose to US $81 / barrel or higher.

Derivatives market prices were generally firm on the week. High-density PE film material rose $70-90 to $1100-1150 / ton (CFR China), while PVC price rose $10 to $900-920 / ton (CFR China). Styrene price stood at $1080-1100/ ton (CFR China) and MEG price grew $22-25, to $745-760 / ton (CFR China).

In the Northeast Asia market, price intention of spot ethylene in the region rose US $20-30 to US $870-910/ ton (CFR Northeast Asia), reflecting the level of quotation and transaction price.

It was said that a cargo of 3,000 tons local spot was sold at US $900 / ton (CFR Taiwan), for arrival in the second half of August. Sources said the same buyer is negotiating for another cargo.

Sales intention was at US $900/ ton (CFR Northeast Asia), or lower, but stock demand was limited, because most buyers had met their needs already, while September cargo price was still under earlier negotiation.

Purchase intention rose to US $800 / ton (CFR Northeast Asia), but most buyers did not receive any offer, because traders were on sideline watching, or offered prices in accordance with price formula.

In Southeast Asia, ethylene spot price rose $20-30 to $850-870 / ton (CFR South East Asia). Some buyers said that traders were unwilling to sell cargo below $900/ ton (CFR South East Asia) and would rather sit on sideline watching, because they have already had their August cargo sold out, while negotiation for September cargo has not yet started. But buyers are finding it difficult to locate cargo below $850 / ton (CFR South East Asia).

In the FOB Southeast Asian market, it was said that a cargo of 3,500 tons local stock to be shipped in August was sold at US $840 / ton to a dealer. The cargo may be shipped to the North. Some consultations were at US $800 / ton (FOB Southeast Asia) or lower. A local company said that with the increase of naphtha price, price negotiation was suspended due a large gap between offers and bids.

Fibre2fashion News Desk

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