Spot ethylene shifts in Asia, US; Europe hits 3-month low
Although the holiday, which falls in the first week of October, helped demand pick up in Northeast Asia, buying interest in Southeast Asia remained muted with spot prices extending their losses.
The spot ethylene prices in the US also changed direction recently. The market was on a six-week uptrend, which was driven by higher ethane feedstock costs. However, long ethylene supplies and weaker ethane prices on the week have lately pulled the market down.
In Europe, prices for spot ethylene saw a new round of decreases and broke below the €1000/ton threshold for the first time in almost three months. The market has been steadily losing ground since mid-August. Players argued that comfortable supplies have kept demand at a low level, paving the way for the weekly losses.
The downturn has been in place despite the fact that several producers are planning shutdowns at their crackers including BP, LyondellBasell, Unipetrol, Naphthachimie, and MOL in September and October. The Turkish producer Petkim is also readying to suspend operations at its ethylene unit in Izmır, Turkey for maintenance.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
- China PP, PE markets close 2020 on a soft note; SE Asia feels pressure
- Stats: China’s total PE imports down for 2nd month in November
- Egypt PET markets poised to end the year on a strong note
- China ABS prices move below SEA after 8 months
- Sentiment in Turkey’s PP, PE markets defies faltering in China