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Spot ethylene prices slip to two-month low
02
Nov '10
Ethylene Asian spot markets fell to a two-month low in the past week, led by the decline in Northeast Asian markets due to abundant supply and limited storage space.

In Northeast Asia, spot price of ethylene fell US $40-80 to $990-1020/ ton (CFR Northeast Asia) on the week, reflecting the trading price in Taiwan area and bargaining level. In Southeast Asia, it dipped by $50 to $1000-1030 / ton (CFR South East Asia).

Although prices of raw material; naphtha rose, ethylene cargo supply from the Middle East and Asia had greater impact over ethylene spot prices. Two ships of 4,000-5,000 tons from Abu Dhabi and Saudi Arabia to be loaded in the first half of November weakened the market, and caused price decline of ethylene.

Some traders believe that these shipments are likely to be shipped to India or Europe, where prices are currently the highest in the world, supported by the strike of French workers and delayed restart of plants, as well as solid demand from downstream sector.

As for the market outlook, some traders expect that ethylene price may further decline, as a number of buyers in Northeast Asia have stocked up on their November needs, storage capacity is limited, therefore it is difficult to accept more spot cargoes.

However, some other traders think that ethylene price may be on the verge of bottoming out, because downstream market is solid. The narrow spread between naphtha and ethylene has hurt production profits of crackers.

Downstream market appeared mixed. High-density film grade polyethylene rose US $20 to $1220-1270/ ton (CFR China), but MEG price fell $5 to 960-965/ ton (CFR China). PVC price remained stable at $960-990 / ton (CFR China).

Fibre2fashion News Desk

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