Affected by the once again strong demand from China, the Asian petrochemical market rose a lot at the beginning of the new year. The Chinese market has performed strongly as Chinese buyers began to build inventory before the arrival of the Lunar New Year holiday in February. All market participants are optimistic about this year's chemical industry, and most manufacturers or traders are actively purchasing raw materials.
China is the largest importer of petrochemical products in Asia. In 2009, China’s demand played an irreplaceable role in pushing up the price of petrochemical products in Asia. Analysts at Frost & Sullivan in Shanghai said that the performance of the entire chemical industry in 2010 will be much better than in 2009. As the global economy is already on the road to recovery, the recovery of end-user demand will support petrochemical production. The current sharp rise in international crude oil prices has also added additional impetus to the strengthening of petrochemical prices. However, most market participants believe that the price increase of petrochemical products in Asia in 2010 may not exceed 2009.
On the first trading day of the New Year, under the support of exceptionally cold weather in the United States and Europe that caused strong growth in heating oil demand, international crude oil prices broke through the US$80/bbl barrier, and Asian naphtha prices also exceeded US$750/tonne. (CFR, Japan). A South Korean trader said: "The sharp increase in crude oil and naphtha prices, combined with a good market environment, is promoting the strong aromatics market. The favourable downstream market, in turn, has also brought support to the naphtha market."
Olefin traders said that due to tight supply in Asia and the Middle East, ethylene prices are expected to remain at a 15-month high in the first quarter of this year and may rise. The same market fundamentals also contributed to the rise in the spot price of butadiene (BD). The spot price of butadiene in Asia soared to 1,800 to 1,850 U.S. dollars per ton (CFR, Northeast Asia) in the first week of the new year, compared to early December 2009. The price rose nearly 400 US dollars / ton. Butadiene is the main raw material for synthetic rubber production. Affected by soaring butadiene prices, Asian synthetic rubber producers have already raised their spot prices in January by 100 to 300 US dollars per ton. In January, spot prices for non-oil grade 1502 styrene-butadiene rubber (SBR) in Asia rose by US$100 to US$200/tonne, to US$2,100 to US$2,200/tonne (CFR, Asia), and butadiene rubber (BR) prices have risen to 2300. USD/tonne (CFR, Asia), up by US$300/ton over the previous month. An SBR producer in China said: “We have no other choice but to increase SBR and BR quotes in January, otherwise our profits will be squeezed.â€
At the same time, due to the tight market supply in January-February and the recovery in demand, the price of styrene monomer in Asia continues to rise. At present, the spot price of styrene monomer in Asia has risen to US$1,340/tonne (CFR, China), which is an increase of US$60/tonne from the price at the end of December last year.
The prices of ethylene glycol and refined terephthalic acid (PTA) also rose sharply in the New Year, with ethylene glycol rising sharply between US$75-80/t on January 5 and 6 and rising to US$975-980/ Ton (CFR, China's main port), rose by 9%. PTA prices also rose sharply to 960 to 970 US dollars / ton (CFR, China's main port), compared with the price of December 31 last year increased 35 US dollars / ton. Analysts said that the sharp rise in the prices of these two products was initially caused by the soaring price of PTA futures on the Zhengzhou Commodity Exchange, which has attracted a large influx of speculative buying. The subsequent demand from a major ethylene glycol trader in Japan also helped boost prices.
China is the largest importer of petrochemical products in Asia. In 2009, China’s demand played an irreplaceable role in pushing up the price of petrochemical products in Asia. Analysts at Frost & Sullivan in Shanghai said that the performance of the entire chemical industry in 2010 will be much better than in 2009. As the global economy is already on the road to recovery, the recovery of end-user demand will support petrochemical production. The current sharp rise in international crude oil prices has also added additional impetus to the strengthening of petrochemical prices. However, most market participants believe that the price increase of petrochemical products in Asia in 2010 may not exceed 2009.
On the first trading day of the New Year, under the support of exceptionally cold weather in the United States and Europe that caused strong growth in heating oil demand, international crude oil prices broke through the US$80/bbl barrier, and Asian naphtha prices also exceeded US$750/tonne. (CFR, Japan). A South Korean trader said: "The sharp increase in crude oil and naphtha prices, combined with a good market environment, is promoting the strong aromatics market. The favourable downstream market, in turn, has also brought support to the naphtha market."
Olefin traders said that due to tight supply in Asia and the Middle East, ethylene prices are expected to remain at a 15-month high in the first quarter of this year and may rise. The same market fundamentals also contributed to the rise in the spot price of butadiene (BD). The spot price of butadiene in Asia soared to 1,800 to 1,850 U.S. dollars per ton (CFR, Northeast Asia) in the first week of the new year, compared to early December 2009. The price rose nearly 400 US dollars / ton. Butadiene is the main raw material for synthetic rubber production. Affected by soaring butadiene prices, Asian synthetic rubber producers have already raised their spot prices in January by 100 to 300 US dollars per ton. In January, spot prices for non-oil grade 1502 styrene-butadiene rubber (SBR) in Asia rose by US$100 to US$200/tonne, to US$2,100 to US$2,200/tonne (CFR, Asia), and butadiene rubber (BR) prices have risen to 2300. USD/tonne (CFR, Asia), up by US$300/ton over the previous month. An SBR producer in China said: “We have no other choice but to increase SBR and BR quotes in January, otherwise our profits will be squeezed.â€
At the same time, due to the tight market supply in January-February and the recovery in demand, the price of styrene monomer in Asia continues to rise. At present, the spot price of styrene monomer in Asia has risen to US$1,340/tonne (CFR, China), which is an increase of US$60/tonne from the price at the end of December last year.
The prices of ethylene glycol and refined terephthalic acid (PTA) also rose sharply in the New Year, with ethylene glycol rising sharply between US$75-80/t on January 5 and 6 and rising to US$975-980/ Ton (CFR, China's main port), rose by 9%. PTA prices also rose sharply to 960 to 970 US dollars / ton (CFR, China's main port), compared with the price of December 31 last year increased 35 US dollars / ton. Analysts said that the sharp rise in the prices of these two products was initially caused by the soaring price of PTA futures on the Zhengzhou Commodity Exchange, which has attracted a large influx of speculative buying. The subsequent demand from a major ethylene glycol trader in Japan also helped boost prices.
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