Based on the data collected by SSESSMENTS.COM, ethylene prices have plunged by more than a hundred within a month. At the beginning of March, ethylene prices were near $700/ton-level. However, as of Thursday morning, March 26, ethylene prices have fallen between $144-146/ton as compared to level observed on March 2. Ethylene prices were captured at $547-555/ton CFR Northeast Asia on Wednesday, March 25.
SSESSMENTS.COM noted that several factors have dragged ethylene prices down. The geopolitical tensions between Saudi Arabia and Russia that led to the price war on crude oil prices have pushed buyers on the sidelines due to the highly volatile crude oil prices. Besides, naphtha prices in Asia are also on a downtrend hitting 18-year lows, with the last price standing at $292/ton on CFR Japan basis. Additionally, the situation worsened as the current Coronavirus pandemic led to the increasing lockdown across the world. The lockdown scenario across the world has aggravated the slow demand for PE resins and the end products.
