Asian resin prices, Feb. 20-24: PP, LDPE, ABS down; HDPE, LLDPE, PS up; PVC flat

Polypropylene (PP) prices in Asia slid last week due to sluggish regional buying trends and a decrease in feedstock propylene values, according to Polymerupdate. On Feb. 23, Asian propylene was assessed at $1330/tonne FOB Korea, down sharply. In the downstream PP markets, PP injection and raffia prices fell to $1370/tonne CFR Far East Asia, a week-on-week slide of about $20/tonne. PP sellers polled by Polymerupdate confirmed that buying pulse had failed to lift despite the price decline. Buyer bids were heard to be notional and were at ranging from $1340 to $1350/tonne CFR. In India, offers for PP injection and raffia from a producer in the Middle East were at $1430/tonne CIF Nhava Sheva with deals consummated at these prices. PP film was at $1450/tonne CIF, with offers from LyondellBasell for PP injection and raffia at $1450/tonne CIF Nhava Sheva. PP film prices were at $1470/tonne CIF basis, with a few deals done at this price.

High-density polyethylene (HDPE) film prices in Far East Asia inched higher, rising to $1360/tonne CFR. Offers were at $1380/tonne CFR and higher, although buyer bids continued to languish at $1350/tonne CFR mark and below. In South East Asia, HDPE film prices were assessed at $1385/tonne CFR. An HDPE seller contacted by Polymerupdate noted that March marks the start of cracker turnaround season, which could further impact the market. In India, deals in HDPE film were done at $1430/tonne CIF Nhava Sheva, with the seller purported to be Saudi. Fresh offers from Middle East firm Equate were at $1430/tonne CIF mark, while SABIC is heard to have offered HDPE film at $1460/tonne CIF Nhava Sheva.

Low-density polyethylene (LDPE) prices in Asia adjusted downwards. Strength in crude, naphtha, and feedstock ethylene, failed to defend seller efforts to keep LDPE prices stable. LDPE sellers who were unwilling to lower their prices were reported to have been ignored while those who did reduce their rates were able to engage in negotiation dialogues with their clients. LDPE prices dropped to $1350/tonne CFR Far East Asia while CFR South East Asia prices fell to $1370 to $1375/tonne. LDPE film offers from Qapco, Qatar to India were at $1430/tonne CIF Nhava Sheva last week.

Linear low-density polyethylene (LLDPE) prices marched higher in the Far East, with bullish upstream crude and ethylene values supporting the price rise. CFR Far East Asia LLDPE prices were assessed up at $1270/tonne. Offers for LLDPE film to India from Equate were heard at $1410/tonne CIF Nhava Sheva mark while offers from SABIC were higher at $1450/tonne CIF. These offers surfaced in the markets on Thursday. Earlier, deals into India were heard done at $1400/tonne CIF Nhava Sheva. The seller was Qamar, Saudi Arabia.

Polyvinyl chloride (PVC) prices were expected to climb in Asia after finishing flat across most parts of Asia last week. CFR China and CFR South East Asia prices were unchanged at $1010/tonne with offers heard at $1050/tonne CFR. PVC buyers polled said that at $1050/tonne CFR, they remained distanced and disinterested. This despite the current strength in prices of crude, naphtha, ethylene and feedstock EDC and VCM values. A Chinese PVC buyer told Polymerdate that his company was not interested in importing PVC given that local prices were competitive and supplies plentiful. Ethylene-based PVC prices were at Yuan 6900 to Yuan 7000/tonne. Deals in India were heard completed at $1030 to $1040/tonne CIF Nhava Sheva for PVC from South Korea. The shipment was for March. A few traders when contacted said that they expected price offers to test the $1050/tonne CIF mark by next week.

Polystyrene (PS) prices firmed in Asia last week, prompted by strength in global energy values, firmer prices of naphtha and high feedstock styrene monomer (SM) prices. On Thursday, SM prices were assessed up at $1445/tonne FOB Korea. General-purpose PS prices were assessed up at $1560/tonne CFR China and $1570/tonne CFR South East Asia, with March offers for GPPS pegged higher. High-impact (PS) prices were assessed at $1770/tonne CFR China and $1780/tonne CFR South East Asia, as the high cost of butadiene kept the upward pressure on spot HIPS prices ticking with sellers indicating March offers at above the $1800/tonne CFR.

Acrylonitrile butadiene styrene (ABS) prices declined in Asia last week despite strength in crude, naphtha and feedstock values. Buyer resistance at higher levels prompted sellers of ABS to rethink their target offers according to Polymerupdate. On Feb. 22, CFR China ABS prices dropped to $2150 to $2160/tonne, a week-on-week fall of more than $20/tonne. Buyer bids were heard at lows near the $2100/tonne CFR China. A few deals were completed at $2110 to $2120/tonne CFR China mark, but Polymerupdate noted that there wasn't sufficient evidence to corroborate the same. CFR South East Asia ABS prices fell to $2160 to $2170/tonne.