Polymer prices soften while oil hits highest in more than 2 weeks
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Oil
Oil prices jump, Brent hits highest in more than 2 weeks. Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose and investors covered short bets ahead of a weekend in which the U.S. news program “60 Minutes†will air an interview with Saudi Arabia’s crown prince.
Oil dips as Wall Street dives; tensions over Iran support crude. Oil prices slipped on Monday as Wall Street slid more than 1 percent and energy market investors remained wary of growing crude supply, although tensions between Saudi Arabia and Iran gave prices some support.
North America Polymers
US PVC spot export prices fall on global factors. US polyvinyl chloride (PVC) spot export prices drifted lower during the week, the ICIS assessment found on Friday.
Europe Polymers
Will European PET respond to softer China and feeds? In Europe, PET sellers approached the market with increases of €30/ton for March, citing ongoing production outages across the region, yet buyers could obtain rollovers to smaller hikes of €10-20/ton on deals.
Europe propylene/PP spread up, demand less buoyant than expected. The spread between European propylene monomer and polypropylene (PP) has improved a little in March, but demand was not as strong as expected, according to some sellers.
EMEA: The week ahead in petrochemicals, w/c Mar 19. Europe's polyethylene market is experiencing a period of sustained bearishness, with price pressure on weak demand and abundant supplies expected to continue.
Asia Polymers
Asian PVC players trim hike expectations for April. As PVC players across Asia turn their attention towards their April business, the overall market sentiment has recently been weighed down by a number of factors, including lower futures in China and disappointing demand in India.
China’s import PP follows local prices softer, retreat from almost 3-year high. China’s local PP markets have been on a softening trend for around a month now mainly due to disappointing post-holiday demand and high polyolefin stocks in the domestic market.
Asian PE-ethylene spread sinks to two-month low amid ethylene bull-run. Asian polyethylene-ethylene spread sank to a two-month low Friday, due to a bullish ethylene market amid a stable to bearish PE market, market sources said.
Asia: The week ahead in petrochemicals, w/c March 19. Asian polyethylene grades generally traded lower last week, as market participants had stocked up sufficiently, and are now more focused on clearing existing inventory in the domestic market as opposed to purchasing -- a move likely to continue pressuring the market this week.
Turkey Polymers
Turkish polymer buyers retreat as lira weakens against the US dollar. Buying sentiment in the Turkish polymers markets has been hit be a new drop in the value of the lira against the dollar, market sources said on Wednesday.
Feedstocks
US and Asian ethylene markets move in opposite directions. The Asian market rebounded in early March after steadily retreating for seven weeks whereas spot ethylene prices in the US have added to their losses within the same period.
Shell nominates Apr monoethylene glycol at $1,090/mt CFR Asia, down $100/mt from Mar. Shell has nominated its April Asia Contract Price for monoethylene glycol at $1,090/mt CFR Asia, down $100/mt from March, a company official said Thursday.
Supply
China’s Anhui to close six chemical plants, relocate 34 for environment. China’s Anhui province plans to permanently shut six hazardous chemical plants and relocate another 34 in accordance with a national campaign to shift away chemical production from populous cities.
Germany's Vestolit plans VCM shutdown at Marl in March, April: source. German petrochemical company Vestolit is planning a shutdown of its vinyl chloride monomer units at Marl in March and April, according to a source with knowledge of the matter.
Japan's Feb ethylene output falls 11% on month; naphtha imports slide 17%. Japan's ethylene production in February fell 10.7% from a month earlier to 522,000 mt, the Ministry of Economy, Trade and Industry said in a statement Wednesday.
Socar Turkey awards technology contract for planned aromatics/PTA complex to Axens. Socar Turkey has awarded a technology contract for its planned aromatics/purified terephthalic acid complex at Aliaga to France's Axens, the latter said late Thursday.
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