Ethylene prices in Europe have fallen on ample supplies to the lowest point since early December, with CIF NWE and Mediterranean assessed at US$1215-1220/mt Friday, falling by US$10/mt on the week, as per Platts. Cracker operators are looking at exports to siphon off surplus supply.
A vessel was heard loading first in NWE and then the Mediterranean heading for Asia, as per sources, who pegged FOB prices in Europe at US$1200-1250/mt. It was the first export to Asia heard this year, following two cargoes in Q4-2013 to India. Imports of material from Ruwais , UAE and cautious downstream buying has pushed prices lower in Europe.
"In recent weeks the main long haul trading pattern for ethylene has been from Ruwais in the Middle East Gulf into Europe. This week, we are beginning to see changes to that pattern with a ship being fixed ex-Europe into Asia and the Leonara Kosan likely to discharge tons from Bahia Blanca (Argentina) into Asia rather than Europe," Shipbroker Gibsons said in a report Friday.
e CFR Northeast Asia and CFR Southeast Asia prices were assessed at US$1470/mt and US$1405/mt respectively Monday. Some sources said this might be acceptable to buyers as ethylene is expected to be tight in March with plants going on maintenance. But some were skeptical, saying buying appetite for March might not materialise given the limited outlook for downstream derivatives.
11-Feb-14 
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