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
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
