Asian ethylene prices hit a new low
Compared to the beginning of the month, spot ethylene prices are down by $150/ton on CFR Northeast Asia basis and down by $185/ton on CFR Southeast Asia basis. The Southeast Asian ethylene market appears to be weaker since most producers operating in this region are reportedly covered for August.
Meanwhile, on the Dalian Commodity Exchange, September LLDPE futures plummeted by CNY430/ton ($60/ton) between July 1 and July 15 while the trading volumes shrank by 200,376 tons during the same time frame.
Source: Chemorbis Price Wizard
Overall demand remains weak for ethylene and supplies were reported to be improving. Starting from mid-May and during June, many crackers were restarted in Asia including Samsung Total, BASF-YPC, Dushanzi Petrochemical, Idemitsu Kosan, Mitsubishi Chemicals and YNCC.
Apart from these restarts, PE supplies from Middle Eastern producers are not as tight as before. Middle Eastern producers mostly approached China with lower PE prices for July.
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