Ethylene prices tanked in the second week of August as supply glut continued to plaque all markets. Asian ethylene prices sank as glut hinders buying activity. The CFR NEA prices hit their lowest since end-February as market concerns centered on volatile crude oil prices. The CFR Northeast Asia marker plunged US$131 a ton on the week while SE Asia fell US$100 a ton CFR.
European ethylene prices also fell that week as buying appetite waned, and imports from the US hit sentiment. Tight supply has been attracting imports from US following prolonged production issues in the region and keeping local prices up. Northwest Europe ethylene prices rose Euro69 a ton on the week while CIF values fell US$109 a ton.
In US, ethylene spot dipped to a six-year low as PE inventories increased in July. In Latin America, Braskem's production for Q2 2015 increased 3 per cent compared to Q2 2014. US spot ethylene dropped US cents 6.25 per pound for prompt-month material.
Courtesy: Weekly PriceWatch Report
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