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.
Ethylene prices inch up in Asia, fall in US, Europe on increased supply
Ethylene prices in Asia were assessed up in the week ended 12 April but were flat at week end as sluggish trading continued on Friday. The diverge trend continued between NE and SE Asian markets. Supply expected to rise amid weak demand. Meanwhile Taiwan’s Formosa shut its No. 1 naphtha-fed steam cracker in Mailiao on June 9 for a 40-day annual maintenance. However, this may have marginal impact on overall supply in the region. Asian markers, CFR NE was up US$5 a ton on the week while SEA CFR gained US$10 a ton.
