Ethylene prices in North East Asia drifted lower on Thursday. Prices fell on mounting worries that a sudden flood of availability from plant restarts would hammer spot prices sharply down going forward. Adding to the bearish pricing momentum were sluggish regional buying trends coupled with softening prices of downstream PE.
CFR North East Asia prices of ethylene were assessed down at the USD 1105/mt to USD 1110/mt with interest at these levels absent and buyer bids hard to come by. The few that were floating around the markets were at levels as low as USD 1000/mt CFR for October, a price which sellers refused to accept.
Propylene prices meanwhile also declined in Asia with FOB Korea prices assessed down at the USD 1500/mt levels. Falling prices of crude and naphtha and softening prices of PP were seen responsible for the price fall as were concerns of increasing regional availability of propylene on the back of cracker restarts.
PP injection and PP raffia prices on Tuesday were assessed down at the USD 1520/mt CFR Far East Asia levels.
