In the previous week, spot market of Asian ethylene rose to a high level, at least not seen in the last seven months, mainly supported by strong demand in Northeast Asia. China's ethylene production has reduced in the month, local supply is limited and prices of naphtha have moved higher, therefore, sales were firm.
In Northeast Asia, ethylene price rose US $40-65 to $1130-1185 / ton (CFR Northeast Asia), the price was the highest level since May, reflecting transaction price of China's cargo and consultation level on the week.
In Southeast Asia, spot price rose about $30-40 to $1030-1070 / ton (CFR South East Asia), reflecting the level of offers and bids, however, trade volume was light.
In the FOB Southeast Asian market, it was reported that 3000-3500 tons of local cargo were sold to a trader at $1,050 / ton, for shipment in the second half of December, destination was unknown.
Price in Southeast Asia rose moderately. Some market sources revealed that, about 5000-10,000 tons of ethylene would be shipped by mid or late December.
Naphtha price closed at nearly $850/ ton (CFR Japan) in the week, due to strong crude oil price which reached nearly $90 / barrel.
But some buyers were still standing on the sidelines, due to higher offers and were waiting for clear indication of stock cargo from the Middle East.
In the derivatives markets, MEG price rose $20-25 to $1010-1035/ ton (CFR China).
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