In Asia, spot ethylene prices witnessed increases during the past week with the support of healthy demand in the styrene market. Spot ethylene prices rose by $40/ton on a weekly basis to reach $1090/ton on a CFR Northeast Asia basis while prices on an FOB South Korea basis were up by $20/ton to reach $1060/ton. Meanwhile, CFR Southeast Asia based offers also recorded weekly increases of around $35/ton to $1060/ton. Players attributed this reduction to higher supply levels in Southeast Asia.
In Europe, players reported that spot ethylene prices inched up by around $5/ton during the past week to be quoted at €910-915/ton FD NWE. Demand was reportedly healthy. At the end of last week, crude oil prices plunged after the UK decided to leave the EU in Brexit Referendum. Players stated that ethylene costs might react to oil slump in the upcoming days.
In the US, spot ethylene prices decreased for another week due to restarts at some plants. According to players, spot prices fell by around $30/ton (1.38 cent/lb) at the end of last week to be pegged at $524-535/ton (23.75-24.25 cents/lb) on FD USG basis.