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Gap between offers & bids suppress ethylene spot markets
23
Nov '10
In the just past week, ethylene spot market in Asia was suppressed by the large gap between offers and bids. Restart time of the No - 2 cracker of Taiwan's Formosa Petrochemical with capacity of 1.03 million tons / year has not been determined.

In Northeast Asia, spot price rose $20-30 to $1000-1050 / ton (CFR Northeast Asia), reflecting the level of the week's discussion.

In Southeast Asia, spot price grew $20 to $1000-1030 / ton (CFR South East Asia), reflecting the level of offers and bids on the week.

Buyers expect that Formosa's cracker will restart soon. Naphtha price has risen to $800 per ton, derivatives demand is robust, therefore, sales intention of ethylene will no less than US $1050 / ton (CFR Asia).

In the Middle East, there was no stock available, due to public holidays. In the derivatives markets, price of high-density film grade polyethylene fell $70 to $1230-1280 / ton (CFR China) and PVC price stabilized at $990-1040 / ton (CFR China).

Fibre2fashion News Desk

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