Home / Knowledge / News / Textiles / Ethylene spot firms up in previous week
Ethylene spot firms up in previous week
21
Sep '10
Market valuation of Asian ethylene spot firmed up in the just concluded week. Consultation level of shipment of cargo in second half of October was higher, due to slowdown of supply in Northeast Asia.

Formosa Petrochemical delayed restarting operations of its number -1 cracker, due to higher level of negotiation price, offers were strong, but transactions were scarce, traders said it was not because of higher offers, but limited supply.

Sales intention went up to US $1100-1150 / ton (CFR Northeast Asia), but purchase intention was around $1,000 / ton (CFR Northeast Asia).

Some traders were still outside waiting and watching, and are expected to make offers after, a better picture of the situation of Formosa cracker is revealed in the next few weeks. Meanwhile, cargo supply from the Middle East is limited.

One trader had said earlier that, there are 12 ships, each carrying 4500-5000 tons of Iranian ethylene cargo, of which, two ships are headed for Western Europe, 10 ships are destined for Southeast and Northeast Asia. In addition, another 3 ships will go to Taiwan and China. He also added by saying that, there are still more, unsold cargoes.

According to experts, the spot prices may have reached the upper limit, because naphtha prices have declined and demand from European buyers has reduced, as well as, derivatives prices are basically stable.

In the last week, downstream derivatives market was generally higher. MEG price is expected to remain strong at $793-803/ ton (CFR China), up $3 from the closing price of its previous week.

But PVC price was stable at $950-970 / ton (CFR China) and high-density film grade polyethylene remained stable at $1120-1170 / ton (CFR China).

In the Northeast Asia market, stock price rose $10-20 to $1000-1040 / ton (CFR Northeast Asia). Prices also rose for cargoes for arrivals in the second half of October, due to strong buying interest, limited stock and lack of firm offers.

China's domestic demand remained strong. Purchase intention was $1000 / ton (CFR China). However, the market will slow down during the Mid-Autumn Festival holiday and National Day holiday period.

Some derivatives manufacturers in East China and North China are maintaining operating rates at between 60-90 percent, as a result of power restriction by Government.

Negotiation for FOB price of South Korean cargo was light, due to stock shortage. Purchase intention was $1000 / ton (FOB Korea). Price range was estimated to narrow to $980-1000 / MT (FOB Korea).

In Southeast Asia, spot price rose by $10 to $950-980 / ton (CFR South East Asia). Sales intention was $1000 / ton (CFR South East Asia), October supply of spot cargoes was limited.

In the FOB Southeast Asian market, although a local company sold a single October cargo at $1,050 / ton (FOB Southeast Asia) in the previous week, sales intention was still around $900 / ton, level.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X