ChemOrbis news: Although the recent continuous decline in international oil prices has directly led to a downward trend in the Asian PE market prices, this did not have a major impact on the European market. On the contrary, the spot prices of PE (especially LLDPE and HDPE) in the region increased from the previous week, which is in stark contrast to the drop in oil prices.
Analysis of market participants pointed out that the contradiction of the European PE is mainly affected by the two factors of higher raw material ethylene costs and tight supply of PE's own market.
Since the beginning of October, the cumulative decline in the price of Brent crude oil in Europe has reached US$10/barrel. The spot price of European naphtha has fallen below US$700/ton, a record low since October 2010.
Despite the drop in oil prices, the ethylene market in Europe was affected and its spot price remained strong. European ethylene prices continued to rise last week due to the accidental shutdown of Shell’s large ethylene cracker. Compared to the beginning of October, the current cumulative ethylene price increase in the region has reached 90 euros/ton.
According to sources, the spot price of Italian LLDPE and HDPE has risen last week, with a range of 10-20 euros/ton, given the continued high ethylene monomer prices and the tight market supply. “At the moment we have very limited supply and we have a steady stream of orders. Therefore, we decided to slightly increase the PE quotation,†said one local dealer.
Although the price of thin-film HDPE in the German market has risen slightly due to supply shortages, local traders say that slow market demand cannot provide strong support for further price increases next month.
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