Naphtha prices reach $500/ton threshold in Europe and Asia
Spot naphtha prices in Asia increased $10-15/ton week over week to be currently reported at around $510-515/ton CFR Japan. According to weekly average prices, current spot naphtha prices in Asia represent a monthly increase of $50/ton, a continuous increase since early November as well as the highest levels seen since early January 2016.
Spot naphtha prices in Europe, meanwhile, rose about $12/ton on the week to be currently reported at around $490/ton CIF NWE. Although they touched the $500/ton threshold late last week, it was not sustained early this week. Current levels at $490/ton still represent the highest levels seen since early January 2016, according to weekly average prices on ChemOrbis Price Wizard. The current price also indicates an upward movement of about $60/ton on the month and a steady increase since mid-November 2016.
The uptick of spot naphtha is directly in line with the movements of crude oil prices, which have recently moved above the $50/barrel threshold. On Tuesday’s daily trading, NYMEX February crude oil futures traded above $52/bbl while ICE March Brent crude traded above $55/bbl.
Players also commented that the improving naphtha demand in Asia, especially from South Korea, keeps on taking the prices up both in the European and Asian markets.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Bleak outlook for Q1 keeps European PP, PE buyers sidelined
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains
- Egypt’s import PP, PE markets flat but domestic prices turn upwards in Nov
- PVC downturn enters 7th month, prices still far from pre-pandemic levels in Europe