In Asia, the spot ethylene market remained steady while players pegged spot prices at $1190/ton on CFR Northeast Asia and at $1145/ton on CFR Southeast Asia basis, at the end of last week. Meanwhile, prices on FOB South Korea basis prices were also unchanged at $1180/ton during the same period. Regional holidays as well as the differences of up to $100/ton between sell and buy ideas last week caused trade to be quiet.
In Europe, spot ethylene reportedly lost some ground as prices recorded €15/ton decreases at €940/ton on FD NWE basis, at the end of last week. Demand was not as strong as it was before, causing decreases on the week.
In the US, according to a trader, the spot ethylene market came down slightly by $6/ton (0.25 cents/lb) to $552-563/ton (25.00-25.50 cents/lb) on FD USG basis. Overall demand was reported to be thin while, in production news, Chevron Phillips was believed to have restarted their Unit No. 24 ethylene plant, with 667,000 tons/year capacity. The unit had undergone 40-50 days of maintenance. However, the company has not confirmed the restart by the time of publishing.