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Asian ethylene spot continues to climb
14
Dec '10
In the week just ended, spot market of Asian ethylene continued to rise, mainly due to strong naphtha price and support from expected strong demand of raw materials before China's Spring Festival. Downstream product market also sent strong support to ethylene market.

The price of cargo sold to Southeast Asia was still lower than the price of cargo sold to Northeast Asia, as buyers stayed on the sidelines due to higher offers and ample supply of cargo from the Middle East.

About 16,500 tons of cargo from the Middle East was transacted and these cargoes may be shipped to Southeast Asia. A manufacturer in Saudi Arabia bid for two ships of 4500-5000 tons for shipment in mid and the second half of December from the Middle East.

One cargo may be shipped to Europe; another ship would be transported to Southeast Asian market. The third ship of 3,500 tons was traded at formula price, to be shipped by the end of January from the Middle East. Another ship of 4,000-5,000 tons was traded at a floating price, to be shipped in the second half of December from Iran.

Naphtha price rose by about US $12-13 to $854-855 / ton (CIF Japan), as crude oil futures price rose and demand was strong. MEG price rose $15 to $1025-1030 / ton (CFR China).

In Northeast Asia, ethylene price rose $15-40 to $1170-1200 / ton (CFR Northeast Asia). In the FOB market, a cargo of 3,000 tons was traded at US $1100/ ton (FOB Japan), to be shipped in the first half of January.

In Southeast Asia, ethylene price grew $30 to $1060-1100 / ton (CFR). The FOB price in Southeast Asian market increased by $50 / ton. Trade was active and at least three transactions were concluded, the highest price was $1,000 / ton (FOB South East Asia).

Fibre2fashion News Desk

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