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Spot price of Asian ethylene still at 8-month high
Jan '11
Despite the slow buying in the past week, most of the end-users of ethylene already had their demand for February cargo satisfied, but spot price of Asian ethylene still continued to be at a eighth-month high point.

Ethylene valuation in Northeast Asia widely ranged between US $1230-1260/ton (CFR Northeast Asia), reflecting the higher trade level as well as offers and bids in the week.

Spot price in the local market of Southeast Asia rose US $10-20. Most of the end-users had their demand satisfied, spot market appeared tepid.

In FOB Southeast Asia market, a local cargo of 3,000 tons was sold at US $1,125/ton, the cargo was expected to be shipped to the north, market sources said.

The delivery of contract cargo from Qatar may be delayed, partly because of the ongoing maintenance of ethane cracker with a capacity of 1.30 million tons/year at Ras Laffan for technical problems, though the plant has not yet given any official explanation on supply.

Traders in other markets, however, said that other Middle Eastern firms would balance the market supply. Some traders are building stocks so as to ensure supply of spot cargoes, as they anticipate that prices are likely to rise in early February after the Chinese New Year holidays.

Most of the crackers are likely to enter maintenance season. At least 6 cracking plants are expected to undergo maintenance in March and April.

In the downstream market, high-density film level polyethylene rose US $10-20 to US $1300-1360/ton (CFR China).

Fibre2fashion News Desk - China

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