Spot prices of imported ethylene in Southeast Asia have fallen to their lowest level since December 2008 amid falling sentiment after falling oil futures, the rapid spread of coronavirus around the world and large volumes of exports from Europe, ICIS reports.

Buyers’ interest may increase if the oil market stabilizes in the next few weeks amid the launch of a cracker in Thailand.

Some suppliers have lowered their prices to find buyers in late March and April.

End users in the key Indonesian market are already well-off, at least until the first half of April, thanks to contract deliveries and earlier spot purchases.

Sales of polyethylene (PE) declined this week. Buyers are reluctant to replenish stocks as they expect prices to drop.

Songkran, beginning on April 13, may affect polymer consumption in the local Thai market.

Southeast Asian imported ethylene prices were below USD600 per tonne, CFR SE.

Ethylene is the main raw material component for the production of polyethylene (PE).

According to ScanPlast of Market Report, in 2019 the estimated PE consumption in Russia amounted to 2,093.26 thousand tons, which is 6% more than the same indicator a year earlier. Deliveries of all types of polyethylene increased. PE supplies increased both from domestic manufacturers and from external suppliers