Spot ethylene and propylene prices turn up in Northeast Asia
An upward movement is also seen in Asian propylene prices. Propylene prices are reported at $795/ton FOB Korea, up $5/ton from yesterday and about $15-20/ton week-on-week. Spot propylene prices on CFR China basis similarly increased, though not as sharp as ethylene, by about $5/ton on a weekly basis to stand at $835/ton while they remained flat on a daily basis.
This jump in ethylene prices was attributed to the demand from Chinese styrene producers due to the ongoing tightness for this product. Nevertheless, other downstream markets including PE have softened for a second week in a row in China, failing to catch up with the ethylene rise.
As for propylene, the weekly firming was driven by the improved margins for PP production despite falling prices for this product in China’s import market. The recent congestion at Chinese ports and strong domestic market in South Korea also supported the weekly increases in propylene prices, according to traders.
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