In the just concluded week, Asian spot market valuation of ethylene rose US $10-70, due to production problems with Saudi Aramco and unexpected shutdown of downstream PE production in mid- September, due to which supply from Middle East gradually decreased.
In Northeast Asia, due to strong buying interest, spot price of October cargo rose $50-60 to $1050-1100 / ton (CFR Northeast Asia), the gap between bid and offer narrowed.
In Southeast Asia, price of October ethylene cargo rose about $50-70 to $1000-1050 / ton (CFR South East Asia), both bid and offer levels moved higher. In the FOB Southeast Asia market, sales intention was $990-1020/ ton.
Due to lack of raw material; vinyl, fiber plant of Taiwan Formosa Petrochemical has delayed the starting time of its No - 3 cracker, to the first half of October, the original plan was to start operation by the end of September.
Downstream derivatives markets were steady and firmed, MEG price rose to $805-810 / ton (CFR China). PVC price was stable at $950-970 / ton (CFR China), high-density film grade polyethylene remained stable at $1120-1170 / ton (CFR China).
Operation rate of derivatives market in East China and North China is 60-70 percent and 80-90 percent, respectively, as the government has implemented a policy of limited power supply.
Fibre2fashion News Desk - India
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