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Ethylene Asian buyers remain cautious

23
Jun '10
Ethylene spot market in Asia was active in the past week. Crude oil price firmed to US $75 / barrel, naphtha price increased to high level, sending support to ethylene market, some sellers were encouraged to expect that ethylene price may bottom out.

Ethylene price has hit an 8-month low, but buyers remain cautious, as market conditions of downstream derivatives are poor.

The price of US $900/ ton seems to be an important psychological level to the market, further slip of ethylene price could lead to continued reduction of operating rate of cracking plants. Most Asian naphtha crackers are still operating at 90-100 percent capacity this month.

Arya Sasol Petrochemical Company in Iran has delayed the closure of the cracker with production capacity of 1 million tons /year in Assaluyeh region for maintenance, as another plant in Iran has closed.

Marun Petrochemical Company will restart the cracker with 1.1 million tons of capacity / year in Bandar Imam after June 20, the plant was closed for overhaul in early June. Arya Sasol plant will be shut down after restarting the plant of Marun Petrochemical Company.

Downstream derivatives markets went soft. Price of polyethylene for high-density film fell $50 to $1030-1100/ ton (CFR China). Styrene price fell $25-30 to $1045-1055/ ton (CFR China).

MEG price fell $5 to $705-715/ ton (CFR China). PVC price remained stable at $900-930 / ton (CFR China).

In the Northeast Asia market, spot market price of ethylene fell $10 to $900-950/ ton (CFR Northeast Asia).

In FOB Northeast Asian market, buying intention from traders is $800/ ton (FOB China) at the low level, but selling intention is close to $900.

Selling intention of manufacturers in other region is till $1000 / ton (FOB Korea), but the price is not attractive to traders. Purchase intention is mostly $800 / ton (FOB Korea) at the low level.

In Southeast Asia, ethylene spot price fell by $10 to $890-940 / ton (CFR South East Asia). Most buyers have completed requirements for July. Buyer's purchase intention was $900 / ton (CFR South East Asia), selling intention was $940-950/ ton (CFR South East Asia)

Fibre2fashion News Desk - India


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