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Spot ethylene prices up on rumours of delay in deliveries
Feb '11
In the just concluded week, spot market price of ethylene rose due to a narrowed spread between Southeast and Northeast Asia, caused by limited supply from the Middle East. Rumors of delay / reduction of supply under some cargo contracts also pushed up prices.

Recent failure of crackers in Europe also caused local prices to move higher, which in turn attracted more cargo. It is expected that 9000 tons of cargo for shipment in the second half of February will be transported to the Western market from the Middle East.

But Northeast Asian market was relatively quiet, because traders have just returned from the New Year holidays. Spot demand was weak, as some end-users have completed their demand till March. Some Chinese crackers are going to shut down for maintenance, recent increase of interest rate by the Chinese government has also brought caution to the market

In Northeast Asia, ethylene spot price rose US $20-30 to US $1280-1320 / ton (CFR Northeast Asia).

In Southeast Asia, ethylene spot price grew US $100-110 to US $1250-1300 / ton (CFR South East Asia), due to limited supply and rumors of delayed supply under cargo contracts from the Middle East, which prompted buyers to look for higher priced spot cargoes.

In the downstream market, price of high-density film grade polyethylene slightly rose US $10 to US $1310-1360/ ton (CFR China). MEG price rose US $50-60 to US $1250-1280 / ton (CFR China).

Fibre2fashion News Desk

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