EUROPE

PVC export and turkish prices rise on tightness

European polyvinyl chloride (PVC) export prices and prices in Turkey have risen on the back of a tighter market. Free on board (FOB) export prices were assessed at $835-865/tonne, up $10/tonne on the high end. Sources put European prices for K67 grade at $890-910/tonne CFR (cost & freight) in Turkey, although the lower end of the range could not be confirmed to be widely represented.

PVC spot trends upwards as markets converge

European PVC spot prices rose on the low end as higher prices were quoted in central Europe and the Balkans. Prices were assessed at €800-845/tonne FD (free delivered), up by €10/tonne on the low end. Lower prices quoted in the market earlier in February were seen as no longer achievable, with traders quoting no levels below €800/tonne FD for spot material this week, as central Europe converged with other European prices.

March PO formula contract prices edge up

European propylene oxide (PO) formula contract prices have edged up in March, amid modest upstream propylene gains. PO formula contracts typically follow around 80% of the upstream propylene monthly contract price movement, which translates into a €20/tonne rise for March. To reflect this, European March PO formula contract prices were assessed at €1,560-1,760/tonne FD NWE (northwest Europe).

March EO contracts increase on ethylene

European ethylene oxide (EO) March contract prices have risen due to the higher ethylene contract settlement this month. The European ethylene contract reference price for March settled at €1,015/tonne, up by €30/tonne from February. EO March contracts were assessed at a €25/tonne increase at both ends of the range, bringing prices to €1,293-1,461/tonne FD NWE.

MMA February contracts drop on looser supply

European February methyl methacrylate (MMA) contracts have settled at a decrease on the back of looser global supply since mid-2018 and average demand. The February MMA contract settled at €2,410-2,430/tonne FD NWE, an €85/tonne decrease from January. A wide range of decreases were agreed, from moderate double-digit drops up to triple-digit falls. MMA prices continue on their downward correction from historical peaks at the start of 2018.

Butac softens slightly on balanced-to-long supply

European spot prices for butyl acetate (butac) have softened slightly on lengthy supply and quiet demand. Butac prices were assessed at €1,070-1,120/tonne FD NWE, a decrease of €10/tonne on each end. Demand for butac continues to be quiet, with a producer saying demand is weak worldwide. Supply of butac is balanced to long.

BPA spot stable despite concerns about supply

Although prices in the European bisphenol A (BPA) spot market have stabilised, sentiment is poised to adapt to sudden changes. Spot prices have stayed flat at €1,250-1,350/tonne FD NWE for several weeks, but there is a suggestion that levels could start to firm. Demand in the downstream epoxy resins market is expected to pick up nearing the second quarter as the end-use markets hit peak season.

ASIA

Asian PTA prices up as sentiment improves

China imports of purified terephthalic acid (PTA) rose by $10/tonne day on day on Wednesday, tracking gains in the futures market. China import PTA prices stood at $860-870/tonne CFR China Main Port (CMP) on 6 March, compared to $850-860/tonne CFR CMP the previous day, according to ICIS data. PTA futures for the May contract were higher by 1.87% day on day.

Middle East Ethyl acetate buy-sell ideas flat

Ethyl acetate (etac) buy-sell ideas in the Middle East were flat as players stood on the sidelines amid feedstock volatility, market players said on Wednesday. Selling ideas of China-origin etac were at $920/tonne CFR Middle East. Selling ideas of India-origin etac were at $950/tonne CFR India. Buying ideas were capped at $890/tonne CFR Middle East.

India IPA flat alongside feedstock acetone

India’s isopropanol (IPA) import discussion levels remained unchanged, alongside feedstock acetone. A couple of China-based producers offered at $830-850/tonne CFR India. Offers of South Korea-origin IPA were heard at $860-870/tonne CFR India, while the selling ideas of Taiwan-origin IPA were above $900/tonne CFR India. Buying ideas remained at low $800/tonne CFR India levels.

China PMDI offers higher amid snug availability

March offers for polymeric methylene diphenyl diisocyanate (PMDI) to the Chinese import market emerged at significantly firmer levels amid snug spot availability and healthy demand, market players said. In the week ending 6 March, offers from a northeast Asia-based producer stood at $1,800/tonne CFR China for March shipment lots. According to ICIS data, the last assessed prices of PMDI stood at $1,450-1,530/tonne CFR China.

Sinopec reduces China acetone by CNY250/tonne

Sinopec cut its domestic offers for acetone in east/north China on 6 March by yuan (CNY) 250/tonne ($37/tonne) in line with a softer spot market, a company source said. Its acetone price is now at CNY3,600/tonne EXW (ex-works), the source said. China’s acetone spot market is soft due to weak demand and high spot inventory levels, the source said.

Shanghai SECCO raises acrylonitrile price

China’s Shanghai SECCO has announced its acrylonitrile (ACN) weekly price at CNY400/tonne higher than the previous week, a company source said on Tuesday. The weekly price now stands at CNY12,700/tonne ex-tank.

Sinopec hikes March ACN contract, spot offers

China’s Sinopec has raised its contract and spot offers of March ACN on its two subsidiary companies Anqing Petrochemical and Keluer Petrochemical, according to a company source. The CNY200/tonne hike is in tandem with higher spot prices. The contract and spot prices of both subsidiaries now stand at CNY12,500/tonne EXW.

Asia MIBK deal reflects stable-to-soft prices

A methyl isobutyl ketone (MIBK) import deal in southeast Asia reflected stable-to-soft prices, sources said on Tuesday. A northeast Asia-origin cargo of about 500 tonnes was transacted at $950/tonne on a CFR SE (southeast) Asia basis. In the week ended 26 February, MIBK prices were $950-960/tonne CFR SE Asia.

China HDPE prices rebound on short supply

China domestic prices of high density polyethylene (HDPE) blow moulding have rebounded from late February on the back of tight supply. On Wednesday, traders in east China offered HDPE blow moulding at CNY9,425/tonne EXW, unchanged from the previous day, but the offer was higher by CNY100/tonne from levels on 28 February.

AMERICAS

Feb ethylene contracts down 0.75 cents/lb

US February ethylene contracts settled at a 0.75 cents/lb decrease from the prior month for most of the market amid lower spot prices and higher production costs. The settlement puts February contract prices at 28 cents/lb. Front-month ethylene traded at 15.50-17.25 cents/lb in February, compared with 17.75-19.25 cents/lb in January.

Maleic anhydride steady amid healthy supply

US maleic anhydride (MA) is steady with players beginning to discuss March contracts. Supply has been healthy with no production issues, while demand has been soft due to a seasonal slowdown from the housing and construction sectors. Feedstock butane costs are moderating toward the end of the quarter. The US February MA molten contract was 89.7-95.7 cents/lb FOB.

March PA contracts rise, tracking Orthoxylene

US March pricing for phthalic anhydride (PA) rose by 3 cents/lb, tracking a February rise in feedstock orthoxylene (OX). March contracts were assessed at 54-59 cents/lb for molten material and at 55-62 cents/lb for flake. February PA contracts dropped to their lowest rate since October 2016. Depressed crude and mixed xylenes (MX) in Q4 2018 and early 2019 were the main drivers for falling OX.

Feedstock exerts pressure on butac

US March butac prices will see some downward pressure from nominally weaker February feedstock and still-soft demand this month, though rollovers are possible. Following a 3 cent/lb decline in February, the butac free-market contract price range is 96-102 cents/lb DEL (delivered).

VAM contracts slip for fourth straight month

US February vinyl acetate monomer (VAM) contracts settled down 1 cent/lb this week following feedstock ethylene. US VAM February contracts declined to 60-62 cents/lb from 61-63 cents/lb previously. It was the fourth drop in a row for VAM contracts because of lower oil and feedstock prices and the usual seasonal move by producers to clear inventory at the end of the year.

US March nylon rises on benzene increase

Formula-based March nylon prices rose by 1 cent/lb after US March benzene contracts increased by 9 cents/gallon from February, on higher average spot prices. US March unfilled injection mould nylon prices were assessed up at $1.05-1.15/lb. Freely negotiated nylon 6 prices were heard largely flat to soft, based on Q4 decreases in benzene. Nylon 6,6 demand is strong.

Argentina, Brazil PET up on feedstock

March polyethylene terephthalate (PET) prices in Argentina and Brazil increased by $50/tonne on the back of rising feedstock prices. Prices for bottle chips in Argentina edged up to $1,600-1,750/tonne DEL, while resin prices in Brazil moved up to $1,500-1,580/tonne DEL. Suppliers were able to implement the increase despite the low buying interest in Argentina resulting from the economic crisis.

February PVC contracts rise by 2 cents/lb

US PVC contracts for February were assessed at an increase of 2 cents/lb. Producers had separately nominated increases of 4 cents/lb in December for February business. Seven months of declining values for liquid caustic soda put pressure on producer margins on the other side of the electro-chemical unit (ECU). The ICIS assessments rose to 77-81 cents/lb for pipe grade material and 79-83 cents/lb for general purpose resins.

February PTA contracts up on higher feedstock

US February purified terephthalic acid (PTA) contract prices rose from January on higher feedstock paraxylene (PX) contract prices. February PTA contracts increased to 54.04 cents/lb, up from the previous month. The PX contract price gained 3.5 cents/lb from the January settlement, on the back of tight upstream MX supply.

Dow revises March increase target for US PE

Dow Chemical revised its March polyethylene (PE) increase proposal of 6 cents/lb to 4 cents/lb. Price increase initiatives in the PE market have been driven by compressed producer margins as resin prices have been falling at a faster rate than feedstock costs. ICIS assessed February contracts for linear low density polyethylene (LLDPE) butene film at 53-59 cents/lb and high density polyethylene (HDPE) blow moulding at 56-60 cents/lb on a DEL US bulk basis.