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Ethylene spot-prices touch one-month lows
26
Oct '10
Spot prices of ethylene in Northeast Asian market fell to one-month lows in the last seven days. Market traders say, prices still face unknown direction.

In Northeast Asia, spot price fell US $50-80 to $1030-1100 / ton (CFR Northeast Asia) in the previous week, being affected by unfavourable transaction conditions in the week.

In Southeast Asia too, price fell $10-20 to $1050-1080 / ton (CFR South East Asia), mainly due to the low level of market offers and bids.

Some cracking plants in the Middle East Iran and Qatar shut down for maintenance earlier this month, and supply of shipments from the Middle East may increase.

European spot prices could potentially increase; therefore, some cargo may be shipped from the Middle East to Europe. Unconfirmed sources said that a contracted spot cargo of 4,000-5,000 tons will be shipped from Abu Dhabi to Europe in the second half of October.

Other traders say that further drop in ethylene prices is limited, due to higher raw material costs of naphtha, plus upcoming plant maintenance of Asian crackers.

Price of high-density PE stabilized at $1200-1250 / ton (CFR China) in the last week, while MEG price was stable at US $960-970 / ton (CFR China).

Formosa Petrochemical recently resumed its No-1 cracker after its suspension in early July.

Fibre2fashion News Desk - China

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