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Spot market of Asian ethylene appears firm
31
Aug '10
In the just concluded week, spot market prices of Asian ethylene firmed up, due to unexpected maintenance of a cracker plant and tight supply situation in Northeast Asia that prompted traders to increase offers above US $1,000 / ton (CFR Asia).

FOB Southeast Asia, which is currently a major source of supply of spot cargoes, was able to garner the largest market gain. Buying interest was stronger in the second half of the week, and some traders were hunting for ethylene cargo.

Market movement of ethylene derivatives in downstream sector was basically stable in the week. Price of high-density film grade polyethylene remained in the range of US $1120-1170 / ton (CFR China); PVC price stood at $940-960 / ton (CFR China) and MEG price rose by $10 to $785-795 / ton (CFR China).

In Northeast Asia, ethylene spot price grew to $980-1000 / ton (CFR Northeast Asia), transactions mainly focused on Taiwan products. The unexpected repair of the first naphtha cracker under Taiwan's Formosa Petrochemical and the approaching maintenance of crackers in the fourth quarter supported interest.

In Southeast Asia, 3,000 tons of cargo for shipment in the first half of September was sold to a trader at $1,000 by the mid-week, the same manufacturer sold another cargo for shipment in the second half of September at the same price.

In the CFR South East Asia market, 3000 tons of cargo for shipment by end of September was sold at about $950 / ton on August 20. Some buyers said they had received sales intention above $1,000 / ton (CFR South East Asia), but buying intention was $950/ ton.

Fibre2fashion News Desk

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