Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
US PE can be costly for Mexico despite expanded capacity.
A huge US build-up in polyolefins capacity in recent years has increased the availability of American PE, but a purchasing manager for a polymer firm based in Mexico City says the gain has not resulted in lower import prices but at times, surprisingly high costs.
Tepid demand caps larger PP hikes in Europe, PE fares better
In Europe, the polyolefin markets witnessed initial April hikes surpassing the monthly monomer hikes, which came at €20/ton for propylene and €30/ton for ethylene. However, players concurred that it is more probable for PE sellers to obtain hikes slightly above the monomer hike compared to PP.
Asian PET markets drift higher after explosion at Formosa’s plant.
The explosion that occurred at Formosa Plastics Corp.’s facility in Mailao, Taiwan has found an immediate reflection on Asian PET markets as spot PX prices and PTA futures have firmed up after the incident.
Will turnarounds eliminate oversupply in China’s local PP market?.
Chinese PP market is expected to go through a busy maintenance schedule during the second quarter of 2019, which is likely to counterbalance the existing oversupply situation in the midst of other bullish factors.
The effect from the outage at Iran’s West Ethylene Pipeline is keenly felt in polyethylene (PE)-deficit China, where domestic prices are on an upward trajectory amid supply disruptions from the US-sanctioned country.
Bullish run loses steam in Turkey’s PP, PE markets.
Import PP prices have followed a bullish path since mid-January driven by dwindling supplies. PE started to follow suit by March while increases gained momentum in April due to reduced allocations from the Middle East.