Market sources reported to SSESSMENTS.COM that ethylene prices are moving into a new trend and broken a fresh threshold in both Northeast Asia and Southeast Asia that started from late last week. Previously, the ethylene prices broke below $400/ton-level on April 16 owing to the supply imbalance as the global market demand softened on Coronavirus pandemic. The lowest offers for ethylene were captured on April 21 at $328-334/ton on CFR basis. However, starting from April 24, ethylene prices captured gradually moving in an upward movement. Sources stated that the increases are supported by the firmer crude oil prices, stronger naphtha prices as well as healthy demand from buyers in China following the positive profit margins.
As informed to SSESSMENTS.COM, the uptrend in ethylene prices sustained to May with the recent increases recorded on May 12. Over a day interval, the offers for ethylene on CFR Northeast Asia basis rose sharply by $50/ton, standing at $502-510/ton. While on CFR Southeast Asia basis, the offers are at $457-465/ton, an increase of $25/ton also on a daily interval.
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