UpdateAsian ethylene breaks $1,000/t level

07 October 2008 11:03  [Source: ICIS news]

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SINGAPORE (ICIS news)--Asian ethylene spot prices broke the $1,000/tonne CFR(cost and freight) northeast (NE) Asia level this week following an unconfirmed deal heard done on Tuesday at $930/tonne CFR, said a source close to the deal.

 

A 3,000-tonne northeast Asian cargo was sold to a vinyls end-user in China at the above price for early November arrival, representing a drop of around $100/tonne. The buyer could not be immediately reached for comment.

 

Spot prices were assessed last week at $1,000-1,050/tonne CFR NE Asia, according to global chemical market intelligence service, ICIS pricing.

 

Traders said buying interest remained weak as end-users were saddled with ample stocks and it was unclear when ethylene prices would bottom out.

 

“It’s difficult to find a buyer in this market,” said a Singapore-based trader. “Everything just keeps sliding. No one wants to take the chance to buy.”

 

For more on ethylene, visit ICIS chemical intelligence

 

To discuss issues facing the chemical industry go to ICIS connect 

 

By: Peh Soo Hwee
+65 6780 4359

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