Asia ethylene falls below $300/t to new record low
Spot ethylene prices have fallen below $300/t cfr northeast Asia to a new record low.
A deal was done for a May shipment at $280/t cfr northeast Asia today, market participants said, although this could not be confirmed. This would be $20-70/t lower than levels for other deals done in the past week.
Argus assessed prices at $280-350/t cfr northeast Asia today, the lowest since records began in 2003.
Sentiment remained weak in the region, with most participants seeing a lack of direction in the market. Ethylene supply has been ample this year on the back of weak demand from key downstream markets such as styrene monomer (SM), mono-ethylene glycol (MEG) and polyethylene (PE).
Prices have now fallen by $515/t or 63pc from $865/t cfr northeast Asia on 29 January, when the coronavirus outbreak emerged. The pandemic has heavily eroded downstream demand in key countries such as China.
Demand in Asia-Pacific has continued to slide since then, as the coronavirus outbreak spread across the region forcing lockdowns and restrictions on economic activity.
By Mahua Chakravarty
source: Argus Media
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