Polymerudpate Asian resin pricing, Sept. 21-25: Ethylene, propylene, PP, PE, PS, and ABS downPolymerudpate Asian resin pricing, Sept. 21-25: Ethylene, propylene, PP, PE, PS, and ABS down

Ethylene prices ended last week down in Asia, according to Polymerupdate, with the fall precipitated by regional oversupply, falling polyethylene (PE) prices downstream, sluggish demand, and weak upstream naphtha. CFR Northeast Asia ethylene prices were at $855/tonne, while CFR Southeast Asia prices were assessed at $1005/tonne. Near term, the outlook remained depressed ahead of the start of the National Day holidays in China, as ethylene sellers attempting to defend their offers but failed in the face of mounting competition from ample regional availability. Downstream, high-density polyethylene (HDPE) film fell to $1155/tonne CFR Far East Asia, with low-density polyethylene (LDPE) dropping to $1190/tonne CFR Far East Asia, and linear low-density polyethylene (LLDPE) at $1155/tonne CFR Far East Asia.

Propylene prices also declined in Asia last week, with almost no buyer interest for spot cargoes due to sluggish downstream demand for polypropylene (PP). Purchasing is only expected to slow more ahead of the National Day holidays in China. FOB Korea propylene prices were assessed at $935/tonne, with CFR Taiwan propylene at $965/tonne and FOB Japan at $925/tonne. Polypropylene (PP) prices were also down in Asia, with raffia and injection $1055/tonne CFR Far East Asia. In plant news, Nippon Oil reportedly shut down two Japanese propylene plants. Elsewhere, Mitsubishi Chemical plans to start up an olefin conversion unit at Kashima next month, bringing online propylene capacity of 150,000 tonnes/yr.

Polypropylene (PP) prices nosedived in Asia last week, with injection and raffia falling to $1060/tonne. By Monday Sept. 21, they fell further to $1050 to $1055/tonne CFR Far East Asia. The Approaching National Day holidays, which start Oct. 1, continue to loom over the market, particularly in China where local producer PetroChina slashed its ex-factory price by RMB 300/tonne. Most PP buyers polled said they’re unlikely to commit to purchases at this time, since they anticipate further drops going forward.

Polystyrene (PS) prices, amidst waning demand, slipped in conjunction with upstream styrene monomer (SM). Last Friday, general-purpose PS prices dropped to $1180 to $1185/tonne CFR China and CFR Southeast Asia, with high-impact PS (HIPS) at $1280 to $1285/tonne CFR China and CFR Southeast Asia. Buyer bids were much lower with notional buyer price targets for HIPS heard below $1220/tonne CFR China.

Acrylonitrile butadiene styrene (ABS) weakened in Asia last week, as sellers were left no choice but to drop offer rates. Supporting the price reduction were softer feedstock prices, including those of acrylonitrile, butadiene, and SM. Last Friday, CFR China and CFR Southeast Asia ABS prices were down to $1450/tonne. Even though prices dropped $50/tonne week over week, sellers were not successful in finding buyers. In Taiwan, Chi Mei announced ABS offers at $1480/tonne CFR, prompting other producers to follow suite and slash their offer rates to $1450 to $1460/tonne CFR. To show where the market is, a few actual users in need of cargo put forward bids between $1400 and $1420/tonne CFR. In China, local ABS prices were down to RMB 12,200 to RMB 12,300/tonne. —[email protected]