Ethylene markets of Asia gained strength on restricted supplies and limited buying as most players retreated from the markets on account of Christmas and New Year week. Interestingly, propylene prices firmed up with strengthening downstream demand from China.
At the end of week, ethylene prices firmed up to US$585/MT CFR Asia. The market awaits seller's offers, but has firmed up on robust downstream buying sentiments. January is also expected to be a healthy month for ethylene on improving demand for PE and MEG amid restricted avails.
January shipment propylene prices moved up to US$505/MT FOB Korea as downstream demand from China surfaced before the onset of the Lunar New Year holidays. In SE Asia, CFR prices rose to the six hundred dollar mark on strengthening downstream demand.