European ethylene, propylene fall on lower crude, better supplies
In line with weaker crude markets, the naphtha market in the region also witnessed a decline of $25-30/ton from a week earlier. In Europe, naphtha prices are currently standing at $425/ton CIF ARA.
Spot propylene prices slumped around €85/ton ($93/ton) since the end of last week to be currently reported at around €640-645/ton on FD NWE basis. Market players report that lower crude oil prices and weaker demand from downstream units in the face of improving supply levels accelerated the downward trend in the spot propylene market.
Spot ethylene prices, meanwhile, dived around €75-80/ton ($82-88/ton) during the same period to around €725-730/ton with the same terms. In addition to lower energy costs, the downward trend has found further support from the restarts at many producers’ ethylene units following turnarounds in the September-October period.
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