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

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Sonam & Paras Modi
SVA

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search