Spot styrene prices in Asia and Europe have mostly followed a downward trend since August. According to ChemOrbis Price Wizard, the weekly average prices have plummeted to their lowest in 6 months in Asia while European values hit a 3-month low this week.
In Europe, the downward trend in the spot PET market that kicked off by around mid-September has been extended into October. October deals have been closed with decreases of €40-50/ton while cumulative decreases have reached up to €80/ton since September
Asian PVC players have received November offers from a major Taiwanese producer with decreases of $30/ton in China and $60/ton in India. Although the softer pricing did not come as a surprise, the decrease amount exceeded the initial expectations.
In Asia, spot propylene prices have moved above spot ethylene prices for the first time in almost five years. The weekly average of spot propylene prices on FOB Korea basis gained premium of around $30/ton over ethylene.