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Polymerscan
Volume 47 / Issue 7 / February 21, 2024

Americas Polymer Spot Price Assessments

FAS Houston FAS US US Contract US Domestic CFR Mercosur CFR Brazil CFR WC
($/mt) East Coast dlvd railcar ($/mt) ($/mt) ($/mt) South America
($/mt) (cts/lb) ($/mt)
PVC SUSP 755-765 54.00-56.00 1190.49 -1234.59 — 885-895 825-835

LDPE G-P 1047-1069 1064 74.00-75.00 1631.42 -1653.47 1185.00 1165-1175 1115-1125
LLDPE (Butene) 1014-1036 1036 58.50-59.50 1289.70 -1311.75 1185.00 1125-1135 1095-1105
LLDPE C6 1036 -1058 — — — — —
LLDPE metallocene 1058 -1080 — — — — —

HDPE Inj 926-948 57.00-58.00 1256.63 -1278.68 1165.00 1095-1105 1035-1045

Bmldg 1047-1069 1055 58.00-59.00 1278.68 -1300.73 1140.00 1195-1205 1125-1135
Film 1047-1069 59.50-60.50 1311.75 -1333.80 1205.00 1220-1230 1145-1155
Yarn — — —

PP Homo Inj 1036-1058 75.00-76.00 1653.47 -1675.51 1175.00 1195-1205 1145-1155

Fiber — 77.00-78.00 1697.56 -1719.60 — — —
Copol 1080-1102 — 1200.00 1245-1255 1170-1180

PS G-P 1796-1818 92.00-94.00 2028.25 -2072.34

HIPS 1956-1978 102.00-104.00 2248.71 -2292.80
ABS Inj — 85.00-87.00 1873.93 -1918.02

PET bottle grade 1312-1334# 1356-1378##

Notes: All price assessments reflect spot trades with the exception of US Contract Delivered railcar. West coast South America includes major ports in Chile, Peru, Colombia and Ecuador.
CFR Mercosur represents basis main ports in Paraguay and Uruguay. #US PET bottle grade refers to DDP US West Coast. ##US PET contract price is in $/mt.

Asian Polymer Spot Price Assessments Contents

CFR FE Asia CFR SE Asia CFR China
($/mt) ($/mt) South Asia Domestic Polymers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 5
($/mt) (Yuan/mt)
Polyvinyl Chloride. . . . . . . . . . . . . . . . . . . ..................... 5
PVC SUSP 779-781 779-781 794-796 ^5640-5660
^^5490-5510 Low Density Polyethylene. . . . . . . . . . . ..................... 7
LDPE G-P 1034-1036 1104-1106 1152 9105-9145 Linear Low Density Polyethylene. . . . .................... 11
LLDPE (Butene) 939-941 999-1001 994-996 8155-8195
LLDPE (C6 metallocene) 999-1001 1039-1041 1199-1201 High-Density Polyethylene. . . . . . . . . . .................... 15

Polypropylene.. . . . . . . . . . . . . . . . . . . . . . . ................... 21
HDPE Inj 904-906 979-981 999-1001 —
Bmldg 909-911 994-996 1039-1041 — Polystyrene. . . . . . . . . . . . . . . . . . . . . . . . . . .................. 26
Film 949-951 1004-1006 1049-1051 7955-7995
Yarn 959-961 1014-1016 — — Acrylonitrile Butadiene Styrene. . . . . ................... 28

PP Raffia 869-871 969-971 998-1000 7355-7395 Polyethylene Terephthalate. . . . . . . . . ................... 29

PP Injection 869-871 969-971 998-1000 —
Polymer Feedstocks: Olefins. . . . . . . . ................... 33
Fiber — —
Copol 904-906 999-1001 1033-1035 — Ethylene. . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 34
IPP Film 879-881 989-991 1023-1025 —
BOPP 879-881 989-991 1013-1015 — Ethylene Glycol. . . . . . . . . . . . . . . . . . . . . ................... 35

PS G-P 1219-1221 1219-1221 — — Propylene. . . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 37

HIPS 1269-1271 1269-1271 — — Butadiene.. . . . . . . . . . . . . . . . . . . . . . . . . . . .................. 39
EPS G-P 1229-1231*
EPS F-R 1329-1331* Polymer Feedstocks: Aromatics.. . . . . ................... 41
ABS Inj 1319-1321 1319-1321 — —
Paraxylene. . . . . . . . . . . . . . . . . . . . . . . . . . . ................... 41
PET bottle grade 889-891 * 944-946 ** — —
Styrene. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 42
Polyester POY150D/48F — — — 7750.00 Polymer Feedstocks: Intermediates.. .................. 45
Polyester DTY150D/48F — — — 9000.00
Polyester FDY150D/96F — — — 8400.00 Purified Terephthalic Acid.. . . . . . . . . . ................... 45
Polyester PSF 1.4D*38mm — — — 7400.00
Acrylonitrile. . . . . . . . . . . . . . . . . . . . . . . . . ................... 45
Notes: Asian PVC, PS, ABS and C6 mLLDPE, FE Asia refers to China. For PVC, South Asia refers to India. All Asian polymer
assessments are basis L/C 0-30 days. ^Denotes ethylene-based production. ^^Denotes carbide-based production. EPS Ethylene Dichloride, Vinyl Chloride Monomer, Chlorine. 48
F-R refers to fire retardant grade. *Denotes FOB North East Asia (South Korea, China, Japan). **Denotes FOB Southeast
Asia (Thailand, Indonesia , Vietnam, Malaysia). Methyl Methacrylate, Poly Methyl Methacrylate. ...... 49

Subscriber Notes. . . . . . . . . . . . . . . . . . . .................... 51

www.spglobal.com/commodityinsights
Polymerscan February 21, 2024

Euro Contract Assessments (Eur/mt)

Germany Holland Italy France Spain FD UK FD NWE CP*
(GBP/mt) ($/mt)
PVC susp Gross 1013-1017 1013-1017 1023-1027 1013-1017 1003-1007 868-872 1096-1100
PVC susp Net 988-992 988-992 998-1002 988-992 978-982 846-850 —

LDPE G-P 1728-1732 1728-1732 1728-1732 1728-1732 1728-1732 1480-1484 1869-1873

LLDPE C4 (Blown film) 1558-1562 1558-1562 1558-1562 1558-1562 1558-1562 1335-1339 1685-1689
LLDPE C4 (Cast stretch film) 1558-1562 1558-1562 1558-1562 1558-1562 1558-1562 1335-1339 1685-1689
LLDPE C6 (Blown film) 1698-1702 — — — — — 1836-1841
LLDPE C6 (Cast stretch film) 1698-1702 — — — — — 1836-1841

HDPE Inj 1448-1452 1448-1452 1448-1452 1448-1452 1448-1452 1240-1244 1566-1570

HDPE Bmldg 1498-1502 1498-1502 1498-1502 1498-1502 1498-1502 1283-1287 1620-1624
HDPE Film 1518-1522 1518-1522 1518-1522 1518-1522 1518-1522 1300-1304 1642-1646
HDPE HMW 2-5 1518-1522 1518-1522 1518-1522 1518-1522 1518-1522 1300-1304 1642-1646
HDPE HMW 5-10 1513-1517 1513-1517 1513-1517 1513-1517 1513-1517 1296-1300 1636-1640

PP Homo Inj 1468-1472 1468-1472 1458-1462 1468-1472 1458-1462 1257-1261 1588-1592

PP Copol 1538-1542 1538-1542 1528-1532 1538-1542 1528-1532 1317-1321 1664-1668

GPPS Net 1743-1747 1743-1747 1743-1747 1743-1747 1743-1747 1493-1497 1885-1889

HIPS Net 1843-1847 1843-1847 1843-1847 1843-1847 1843-1847 1579-1583 1993-1997
EPS 2198-2202 2198-2202 2198-2202 2198-2202 2198-2202 1883-1887 2377-2381

ABS GP/Nat 1898-1902 — 1898-1902 1898-1902 1898-1902 1626-1630 2053-2057

ABS Ave color 2028-2032 — 2028-2032 2028-2032 2028-2032 1737-1741 2193-2197
ABS Auto black 2168-2172 — 2168-2172 2168-2172 2168-2172 1857-1861 —-

PET bottle grade 1238-1242 — 1238-1242 1238-1242 1238-1242 1026-1030 —

PET bottle grade — — — — — 1198-1202## —
PET bottle grade Net 1148-1152 — — — — 998-1002 1242-1246
PET bottle grade Net — — — — — 1165-1169## —
APET film grade 1227-1231 — — — — — —
APET film grade Net 1138-1142 — — — — — —
Notes: *FD NWE CONTRACT PRICE denotes FD Germany converted into US dollars. ##PET bottle grade assessments basis FD UK are in Eur/mt. PET assessments refer to regular business
at prices negotiated between buyers and sellers on a monthly basis.

Platts European and African Polymer Spot Price Assessments

FOB NWE FD NWE FCA Antwerp CFR Turkey* CFR North Africa FD UK CFR West Africa
($/mt) (Eur/mt) (Eur/mt) ($/mt) ($/mt) (GBP/mt) ($/mt)
PVC SUSP 808-812 858-862 — 858-862 — — —

LDPE G-P 1285-1289 1278-1282 1258-1262 1148-1152 1158-1162 — 1188-1192

LLDPE (Butene) — 1218-1222 1198-1202 1088-1092 1098-1102 — 1098-1102
LLDPE C6 — 1248-1252 — — — — —
LLDPE metallocene — 1298-1302 — — — — —

HDPE Inj 1198-1202 1198-1202 1178-1182 1108-1112 1088-1092 — 1108-1112

Bmldg 1220-1224 1218-1222 1198-1202 1128-1132 1098-1102 — 1128-1132
Film 1220-1224 1218-1222 1198-1202 1128-1132 1138-1142 — 1148-1152
Recycled HDPE light pellets — 990 — — — — —

PP Homo Inj 1296-1300 1258-1262 1238-1242 1178-1182 1128-1132 — 1118-1122

PP Raffia — — — 1178-1182 1128-1132 — 1118-1122
PP Copol 1372-1376 1328-1332 1308-1312 1248-1252 1228-1232 — 1228-1232
PP Fiber — — — 1250 — — —

PS G-P 1772-1776 1698-1702 — 1478-1482 1488-1492 — —

HIPS 1880-1884 1798-1802 — 1548-1552 1548-1552 — —
EPS 1934-1938 1848-1852 — 1728-1732 — — —
ABS GP/Nat 1778-1782** 1848-1852 — — — — —

PET bottle grade — 1168-1172 — — — 1003-1007 —

PET bottle grade — — — — — 1171-1175# —
Post-consumer PET bottle bale — 550 — — — — —
Recycled PET flakes — 1048-1052 — — — 848-852 —
Recycled PET flakes — — — — — 990-994# —
Recycled PET FGP — 1450 — — — 1250 —
Recycled PET FGP — — — — — 1459# —
Notes: FOB NWE prices are based on exports of 300mt or more. *CFR Turkey denotes CFR Istanbul; **ABS GP/Nat denotes CFR NWE in $/mt. #PET bottle grade and Recycled PET
assessments for FD UK are in Eur/mt. Recycled PET flake assessments are for hot wash flake without food approval. Recycled PET FGP assessments are for food grade pellets.

© 2024 by S&P Global Inc. All rights reserved. 2

Polymerscan February 21, 2024

Daily Polymer Spot Price Assessments

Thursday Friday Monday Tuesday Wednesday Average
CFR FE Asia ($/mt)
LDPE 1034-1036 1034-1036 1034-1036 1034-1036 1034-1036 1034.00-1036.00
LLDPE 939-941 939-941 939-941 939-941 939-941 939.00-941.00
HDPE Film 949-951 949-951 949-951 949-951 949-951 949.00-951.00
PP Raffia 869-871 869-871 879-881 874-876 869-871 872.00-874.00
PP Injection 869-871 869-871 879-881 874-876 869-871 872.00-874.00
MMA* 1625.00 1625.00 1625.00 1625.00 1625.00 1625.000
PMMA* 2020.00 2020.00 2020.00 2020.00 2020.00 2020.000
PVC Ethylene** 720.00 720.00 720.00 725.00 725.00 722.00
PVC Carbide** 700.00 700.00 700.00 710.00 705.00 703.00
CFR SE Asia ($/mt)
MMA 1705.00 1705.00 1705.00 1705.00 1705.00 1705.000
PMMA 2150.00 2150.00 2150.00 2150.00 2150.00 2150.000
CFR S Asia ($/mt)
LDPE 1150.00 1150.00 1150.00 1155.00 1155.00 1152.000
FD NWE (Eur/mt)
LDPE 1278-1282 1278-1282 1278-1282 1278-1282 1278-1282 1278.00-1282.00
LLDPE 1218-1222 1218-1222 1218-1222 1218-1222 1218-1222 1218.00-1222.00
HDPE Injection 1188-1192 1188-1192 1198-1202 1198-1202 1198-1202 1196.000
HDPE Blmldg 1188-1192 1188-1192 1218-1222 1218-1222 1218-1222 1208.000
HDPE Film 1188-1192 1188-1192 1218-1222 1218-1222 1218-1222 1208.000
PP Homo 1268-1272 1268-1272 1298-1302 1298-1302 1258-1262 1278.00-1282.00
FCA Antwerp (Eur/mt)
LDPE 1258-1262 1258-1262 1258-1262 1258-1262 1258-1262 1258.00-1262.00
LLDPE 1198-1202 1198-1202 1198-1202 1198-1202 1198-1202 1198.00-1202.00
HDPE Injection 1168-1172 1168-1172 1178-1182 1178-1182 1178-1182 1176.000
HDPE Blmldg 1168-1172 1168-1172 1198-1202 1198-1202 1198-1202 1188.000
HDPE Film 1168-1172 1168-1172 1198-1202 1198-1202 1198-1202 1188.000
PP Homo 1248-1252 1248-1252 1278-1282 1278-1282 1238-1242 1258.00-1262.00
CFR Turkey ($/mt)
PP Fiber 1240.00 1240.00 1240.00 1250.00 1250.00 1244.00
FAS Houston ($/mt)
LDPE 1036-1058 1036-1058 NA-NA 1047-1069 1047-1069 1041.50-1063.50
LLDPE 1014-1036 1014-1036 NA-NA 1014-1036 1014-1036 1014.00-1036.00
HDPE Blmldg 1025-1047 1025-1047 NA -NA 1036-1058 1047-1069 1033.25-1055.25
PP Homo 1080-1102 1080-1102 NA-NA 1080-1102 1036-1058 1069.00-1091.00
FOB Saudi Arabia ($/mt)
PP Raffia 990.00 990.00 990.00 990.00 990.00 990.00
DDP GCC ($/mt)
PP Raffia 1035.00 1035.00 1035.00 1035.00 1035.00 1035.00
FOB Middle East Netbacks ($/mt)
LDPE 1009-1011 1009-1011 1009-1011 1009-1011 1009-1011 1009.00-1011.00
LLDPE 914-916 914-916 914-916 914-916 914-916 914.00-916.00
HDPE 924-926 924-926 924-926 924-926 924-926 924.00-926.00
PP Raffia 844-846 844-846 854-856 849-851 844-846 847.00-849.00
PP Injection 844-846 844-846 854-856 849-851 844-846 847.00-849.00
*Refers to CFR China. Notes: The weekly average represents the average of Thursday last week through Wednesday of the current week.
**Refers to FOB China. FOB Middle East netback denotes CFR Far East Asia assessments minus the prevailing container freight rate from Al-Jubail to Shanghai for a standard 20-foot
container.

Polymer Spot Freight Rates ex-Middle East ($/mt)

From: Middle East Middle East
To: 25-100 mt \>100mt
East China 19-21 24-26
South China 19-21 24-26
India 2-4 3-5
Southeast Asia 19-21 24-26
NW Europe 89-91 94-96
Turkey 79-81 84-86
US Gulf 89-91 94-96
Latin America 94-96 99-101
Notes: Please refer to the methodology guide for details on port locations.

Foreign exchange
€1 to $1.0815 £1 to €1.1672

Metals
Aluminum US Feb 19 cts/lb 116.560
Tin US Feb 20 cts/lb 1250

© 2024 by S&P Global Inc. All rights reserved. 3

Polymerscan February 21, 2024

Daily Recycled Polymer Spot Price Assessments

Thursday Friday Monday Tuesday Wednesday Average
Recycled PET
Asia ($/mt)
Clear flakes FOB SE Asia 775.00 785.00 785.00 785.00 785.00 783.000
Clear flakes premium grade FOB SE Asia 840.00 850.00 850.00 850.00 850.00 848.000
Food Grade Pellets FOB SE Asia 1155.00 1165.00 1165.00 1165.00 1165.00 1163.000
Clear flakes premium grade FOB India 840.00 841.00 841.00 845.00 845.00 842.400
Europe (Eur/mt)
Post-consumer bottle bales FD NWE* 500.00 500.00 500.00 550.00 550.00 520.000
Clear flakes FD NWE 1000.00 1000.00 1000.00 1050.00 1050.00 1020.000
Clear flakes FD UK 877.00 888.00 888.00 935.00 992.00 916.000
Clear flakes FD UK (GBP/mt) 750.00 760.00 760.00 800.00 850.00 784.000
Mixed colored flakes FD NWE 700.00 700.00 700.00 700.00 700.00 700.000
Mixed colored flakes FD UK 760.00 760.00 760.00 760.00 759.00 759.800
Mixed colored flakes FD UK (GBP/mt) 650.00 650.00 650.00 650.00 650.00 650.000
Food grade pellets FD NWE 1350.00 1350.00 1350.00 1400.00 1450.00 1380.000
Food grade pellets FD UK 1427.00 1426.00 1426.00 1461.00 1459.00 1439.800
Food grade pellets FD UK (GBP/mt) 1220.00 1220.00 1220.00 1250.00 1250.00 1232.000
Americas (¢/lb)
Post-consumer bales premium grade FOB LA 19.50 19.50 NA 19.50 19.50 19.500
Post-consumer bales standard grade FOB LA 13.00 13.00 NA 13.00 13.00 13.000
Post-consumer bales standard grade FOB Chicago 14.00 14.00 NA 14.00 14.00 14.000
Post-consumer bales standard grade EXW Southeast 14.00 15.00 NA 15.00 15.00 14.750
Clear flakes FOB LA 48.00 48.00 NA 48.00 48.00 48.000
Clear packaging-grade flakes FOB Chicago 52.50 52.50 NA 52.50 52.50 52.500
Clear flakes EXW Southeast 60.00 61.00 NA 61.00 61.00 60.750
Food grade pellets FOB LA 68.00 68.00 NA 68.00 68.00 68.000
Recycled Polyolefins
Asia ($/mt)
R-HDPE black blow molding pellets FOB SE Asia 590.00 590.00 590.00 590.00 590.00 590.000
R-HDPE clear film pellets FOB SE Asia 750.00 750.00 750.00 750.00 750.00 750.000
R-LDPE natural film pellets FOB SE Asia 760.00 760.00 760.00 760.00 760.00 760.000
Europe (Eur/mt)
Post-consumer mixed HDPE bales FD NWE* 200.00 200.00 200.00 260.00 260.00 224.000
R-HDPE light pellets FD NWE 980.00 980.00 990.00 990.00 990.00 986.000
Post-use LDPE grade A bales DDP NWE 340.00 340.00 340.00 340.00 340.00 340.000
Post-use LDPE grade B bales DDP NWE 310.00 310.00 310.00 310.00 310.00 310.000
R-HDPE natural pellets FD NWE 1650.00 1650.00 1650.00 1650.00 1650.00 1650.000
R-LDPE black pellets DDP NWE 650.00 650.00 660.00 660.00 660.00 656.000
R-LDPE grey pellets DDP NWE 710.00 710.00 710.00 710.00 710.00 710.000
R-LDPE translucent pellets DDP NWE 980.00 980.00 990.00 990.00 990.00 986.000
R-PP black pellets DDP NWE 810.00 810.00 810.00 810.00 810.00 810.000
R-PP natural pellets DDP NWE 1620.00 1620.00 1630.00 1630.00 1630.00 1626.000
Americas (¢/lb)
Post-consumer HDPE bales natural grade FOB Chicago 32.00 33.00 NA 33.00 33.00 32.750
Post-consumer HDPE bales mixed-color grade FOB Chicago 26.00 26.00 NA 26.00 24.00 25.500
R-HDPE natural pellets FOB Chicago 75.00 76.00 NA 76.00 76.00 75.750
Post-use LDPE grade A bales FOB 16.00 16.00 NA 16.00 16.00 17.000
Post-use LDPE grade B bales FOB Chicago 8.00 8.00 NA 8.00 8.00 8.000
R-LDPE light gray pellets FOB Chicago 33.50 33.50 NA 33.50 33.50 33.500
Recycled Polystyrene
Europe (Eur/mt)
R-PS black pellets DDP NWE 800.00 800.00 810.00 810.00 810.00 806.000
R-PS grey pellets DDP NWE 1020.00 1020.00 1030.00 1030.00 1030.00 1026.000
*Excludes France. Note: The weekly average represents the average of Thursday last week through Wednesday of the current week.

© 2024 by S&P Global Inc. All rights reserved. 4

Polymerscan February 21, 2024
Polymers
Polyvinyl Chloride
Platts European and Turkish PVC:
Prices stable amid soft demand
„ Demand remains lackluster in Europe, Turkey
„ In Europe, spot offers still seen in mid-Eur800s/mt
Demand for PVC in the European and Turkish markets
remained subdued in the week ended Feb. 21, despite more
limited import resupply and the expected start of planned
maintenance in the US and Europe, sources said.
Although offers were seen firmer, buyers in Turkey were
holding out. "Offers from North Africa are a good $50/mt higher
than we received last month at $850-$920/mt CIF Iberia, which is
an increment," sources said.
"This is the part of the spot market, which moves before the
European market does. We are not going to see much until the
end of this month, but the spot market is definitely starting to
move," a trader said.
In Europe, spot offers were still seen in the mid-Eur800s/mt
DDP Europe level, with market sources pointing to ample supply.
Despite this, it was expected that demand would continue to
improve, and planned maintenances could see more interruptions
for European production. "We will have to see whether these
increments that we have seen over the past couple of weeks will
click," sources said.
Meanwhile, a Turkish trader pointed to the currency weakness
of the Turkish lira as a particular block on the country's mainland
demand. In addition, he said, buyers have little incentive or
need to buy.
"The value loss of the Turkish Lira against major currencies
have caused financial difficulty in the market. Additionally, buyers
seem to have enough stocks," the trader said.
In Europe, producers struggled to eke out a contract price
increase and were unable to pass through the rise in February
ethylene costs. Looking ahead to March, Platts data shows that
average naphtha costs had increased by $20/mt versus January's
average.
Platts European and Turkish PVC Weekly Rationale
Platts assessed CFR Turkey polyvinyl chloride spot prices
unchanged on the week at $860/mt Feb. 21, below the most
competitive duty-free trader's corroboration heard for the
Egyptian origin at $865/mt CFR Turkey Feb. 14 after 16:30
London time. The assessment was below a trader's indication for
European offers heard at $870-$940/mt CFR Feb. 15 and a South
Korean offer heard at $930-$950/mt CIF Turkey Feb. 21 while
weighing feedback of lackluster demand and thin trade.
Platts assessed free delivered Northwest Europe spot PVC
prices unchanged on the week at Eur860/mt Feb. 21, in line with a
trader's indication heard in the mid Eur800s/mt DDP Europe Feb.
© 2024 by S&P Global Inc. All rights reserved. 5
15, and above a producer's indication heard at Eur850/mt, which
was not being an unreasonable tradeable level. The assessment
also took direction from a trader's indication heard of producers
selling ideas heard at Eur850/mt DDP Iberia while pending fresh
FD NWE indications and considering feedback of weak market
fundamentals.
Platts assessed Germany PVC freely negotiated February net
contract prices unchanged on the week and from January at
Eur990/mt Feb. 21, in line with a producer's indication of rollover
for February settlements Feb. 14 after 16:30 London time, below a
producer's February settlement level of Eur1,000/mt for medium-
sized buyers, below a trader's indication for settlements heard
done at Eur1,010/mt DDP Europe Feb. 15.
Platts assessed FOB NWE spot prices unchanged on the week
at $810/mt Feb. 21, in line with the stability seen in European
and CFR Turkey spot prices while considering feedback of weak
market fundamentals.
Platts is part of S&P Global Commodity Insights.
Platts US PVC: Spot export PVC prices
remain stable on week
„ Supply tight, freight costs increase
„ Views vary for March export prices
US spot export PVC prices were stable on the week on Feb. 21
amid market feedback of tight supply and rising freight costs.
Platts assessed spot export PVC prices at $760/mt FAS
Houston on Feb. 21, stable on the week, in line with pricing
indications heard at $750-$760/mt. A deal heard below $750/mt
FAS was not fully considered, as it was pending further market
corroboration.
Platts also assessed domestic PVC prices at 55 cents/lb on
Feb. 21, flat on the week, amid no disproving indications.
A large producer announced in Asia an increment of $30/mt
for March PVC prices, and Platts assessed CFR China PVC and
CFRE Southeast Asia PVC prices higher on the week to Feb. 21.
Market sources said buyers across the region did not accept the
fresh offer levels.
In the case of the US, market participants had conflicting
points of view about the March price scenario.
"I don't foresee an uptick in demand in the Western
hemisphere, but supply will get tighter," a market source said.
"All things considered, we can expect another price increase
in March."
Nonetheless, another source stated they did not see prices
increasing, as they saw the price for March as a rollover from
February at best.
Westlake Corporation held its fourth-quarter 2023 earnings
call on Feb. 20, where they anticipated an improved pricing
landscape amid various internal and external factors driving
prices upward.
Polymerscan February 21, 2024
"While the macroeconomic environment remains uncertain, I
am increasingly confident in our near-term prospects," Westlake
CEO Albert Chao said.
Chao highlighted lower customer inventories potentially
driving up demand and underscored global trade disruptions
stemming from Middle East tensions and reduced water levels in
the Panama Canal, warning of potential import disruptions and
subsequent price escalations.
In upstream markets, Platts assessed spot export EDC prices
at $285/mt FOB USG on Feb. 20, stable on the week. VCM was
assessed at $485/mt FOB USG, down $20 on the week, and
domestic VCM prices were assessed at 47.50 cents/lb, stable on
the week. Sources said the impact of high ocean freight prices
and weak demand were affecting the market.
Platts is part of S&P Global Commodity Insights.
Platts US PVC Weekly Rationale
Platts assessed spot export PVC prices at $760/mt FAS
Houston on Feb. 21, stable on the week, in line with pricing
indications heard within $750-$760/mt. The assessment
considers market feedback of tight supply and rising freight
costs. A deal heard below $750/mt was not fully considered as it
is pending further market corroboration.
Platts also assessed domestic PVC prices at 55 cents/lb on
Feb.21, flat on the week, amid no disproving indications.
Platts is part of S&P Global Commodity Insights.
Asian PVC: Prices rise $10-$15/mt after
announcement of March offers
„ Fresh offers for March not accepted
„ CFR India touches 2-month high
Asian polyvinyl chloride prices rose $10-$15/mt in the week
to Feb. 21 after fresh March offers were announced at $30/mt
higher from February.
Platts assessed CFR China PVC price up $15/mt on the week
at $780/mt Feb. 21, the highest level since Oct. 4, 2023, when the
price was assessed at $810/mt.
Platts assessed CFR Southeast Asia PVC price $10/mt higher
at $780/mt during the same period, the highest since it was
assessed at $815/mt on Oct. 4, 2023.
Platts assessed CFR India PVC price up $15/mt from the
previous week at a two-month high of $795/mt Feb. 21.
Fresh offers for March were announced with a $30/mt rise
from a month earlier, which is at the high end of the market's
expectation of flat to $30/mt higher. Fresh offers for March
were at $795/mt CFR China, $820/mt CFR India and $750/mt
FOB Taiwan.
For February, fresh offers were up $20/mt from a month
earlier to $765/mt CFR China, $790/mt CFR India and $720/mt
FOB Taiwan.
Market sources said buyers across the region did not accept
the fresh offer levels. A trader pointed out that Chinese market
© 2024 by S&P Global Inc. All rights reserved. 6
participants were rather exporting cargoes much lower than
the fresh offer level basis CFR China. Trading sources said a
trade level for carbide-based PVC is currently at $700-$710/mt
FOB China.
Chinese suppliers have been exporting actively to India at
around $770/mt CFR India, which is $50/mt lower than the fresh
offer level. Chinese suppliers have been exporting actively amid
sluggish local demand. According to India's latest customs data,
India's PVC imports rose 22.5% on the month, and surged 56.1%
on the year, to 264,178 mt in December. India's PVC imports from
China jumped 46% in December to a two-month high at 76,866
mt in December.
In 2023, PVC imports reached a record high of 3.205 million
mt, up 71.8% on the year, according to the latest customs data.
In local India market, the price was hovering at an equivalent
of $780/mt, almost steady from a week earlier.
Platts is part of S&P Global Commodity Insights.
Platts Asian PVC Daily Rationale
Platts assessed the price of CFR China polyvinyl chloride $15/
mt higher on the week at $780/mt Feb. 21 based on a trade value
heard at the level.
Platts assessed CFR Southeast Asia PVC up $10/mt week on
week at $780/mt Feb. 21 based on a trade value heard at $775-
$780/mt CFR Southeast Asia.
Platts assessed CFR India PVC up $15/mt on the week at
$795/mt Feb. 21, considering tradable indications heard in the
range of $780-$820/mt CFR India.
In the daily market, Platts assessed ethylene-based PVC
stable day on day at $725/mt FOB China Feb. 21, lower than a
selling indication heard at $730-$740/mt FOB China.
Platts assessed carbide-based PVC down $5/mt at $705/mt
FOB China during the same period based on a deal done at $700-
$710/mt FOB China.
Platts is part of S&P Global Commodity Insights.
Latin American PVC: Market preparing
for expected price hike for March
„ Major Asian producer announces $30/mt price increase
for March
„ WCSA and Brazil expect higher prices from Asia
Spot import PVC prices in key Latin American markets were
assessed flat in the West Coast of South America and up in
Brazil on Feb. 21 from the last price assessment on Feb. 7. Last
week there was no market coverage due to the Brazilian Carnival
festivity. Markets are expecting new price hikes in Asia following
the latest announcement from a major producer.
West Coast of South America
According to sources, a major Asia producer announced a
price hike of $30/MT for March PVC. A trader said that other
Asian producers will surely follow as everyone was waiting on
Polymerscan February 21, 2024
this producer's move, adding that most people thought PVC
price might roll over because Indian demand was slowing, so the
announcement surprised many.
Despite numerous signals suggesting impending price
increases, the sources failed to offer price indications or market
activity reflecting the anticipated rise in this week's price
assessment. "We will just have to wait and see how the market
reacts," a US trader said.
According to sources demand is steady and is expected to
go up, as well as PVC prices for the beginning of March. Sources
added that supply is tight right now, as producers have less stock
than usual, but expect it to increase in the next months.
Brazil
In Brazil, prices were assessed higher from Feb. 7. Price
indications from sources were in line with the price increases
heard from Asian producers of PVC.
A local trader said that the price increases that occurred at
the beginning of the year linked to logistics may be starting to
stabilize. However, the trader is now anticipating price increases
in PVC resin from Asian producers.
Sources said that even though market activity is relatively
slow, they believe it should pick up from March.
Platts Latin American PVC Weekly Rationale
CFR WCSA: Platts assessed spot import PVC prices at $830/
mt CFR WCSA Feb. 21, flat from Feb. 7, at the bottom of an
indicative range heard at around $830-$840/mt and above other
indications at around $800-$820/mt, pending corroboration of
lower prices.
CFR Brazil: Platts assessed spot import PVC prices at $890/
mt CFR Brazil Feb. 21, up $40/mt from Feb. 7, based on a price
indication heard from a local trader at $890/mt. The assessment
also considered an Asian producer price increase of plus $30/mt
announced for March bookings.
Platts is part of S&P Global Commodity Insights.
Low Density Polyethylene
European LDPE: Supply tightens
amid reduced output, delayed imports
„ Weak end-user demand fundamentals persist
„ Wide range of spot prices heard for LDPE
The European low-density polyethylene market continued to
face a shortage of material availability in the week to Feb. 21 amid
ongoing reduced domestic production and delayed imports into
the region, sources said.
Supply constraints on LDPE persisted over the week, owing
to reduced operating rates, delayed import vessels from the
Middle East and limited exports from the US, according to market
sources.
© 2024 by S&P Global Inc. All rights reserved. 7
Some market participants expressed confusion over the
current LDPE supply dynamics, citing that the bulk of LDPE
consumed in Europe was domestically sourced rather than
imported, unlike other polyethylene grades.
"LDPE is the tightest grade [in the European polyethylene
market]," a producer said.
Although supply was tight structurally, end-user demand for
LDPE grades in the European markets remained weak, unchanged
from the past week, as market participants continued to cite a lack
of buying interest from the various end-user industries.
"The demand is very . . . weak," a distributor said, further
adding that no end-user industry was performing better than
others, with the demand being muted across the board.
In the LDPE spot market, prices continued to increase,
supported by the tight availability of material on spot, with a wide
range of spot pricing levels being heard, according to market
sources.
Platts assessed the European LDPE grade spot price at
Eur1,280/mt FD NWE Feb. 21, up Eur20/mt on the week.
Meanwhile, market participants were seen to have been
quoting expectations of feedstock ethylene contract price for
March amid a rise in upstream naphtha noted in the past week.
"Naphtha has risen significantly in the second half of this
month, so ethylene may increase for March," a producer said.
Platts is part of S&P Global Commodity Insights.
Platts European LDPE Weekly Rationale
Platts assessed the European low density polyethylene grade
spot price at Eur1,280/mt free-delivered northwest Europe Feb.
21, unchanged on the day and up Eur20 on the week, in line with
a producer indication above Eur1,200/mt, within a distributor
indications at Eur1,250-1,400/mt, below a trader indication at
Eur1,300/mt and below another trader indication of spot offers at
Eur1,350-1,460/mt, considering feedback of tight supply weighed
against weak demand fundamentals.
The FD Germany LDPE freely-negotiated gross contract price
was assessed at Eur1,730/mt, up Eur65 on the week and up Eur70
from the end of January, moving towards a distributor indication
at Eur1,800-1,850/mt, towards a consumer indication at Eur1,830/
mt, weighed against an earlier consumer indication at Eur1,600/
mt, moving towards the bottom of indications ranging at Eur100-
230/mt increases on the month, below a consumer indication of
Eur200/mt increases targeted, pending further corroboration of
concluded February settlements.
Platts is part of S&P Global Commodity Insights.
European Recycled LDPE: Price hikes limited
by weaker-than-expected demand
„ Limited buyer appetite to switch from virgin
„ Steady price increases on higher quality material
European recycled low-density polyethylene prices increased
on the week ended Feb. 21, however, the rate of rises was lower
Polymerscan February 21, 2024
than many participants had expected on the back of muted
demand levels.
Market sources noted that with persistent tightness and
upward pricing trend seen in the virgin LDPE market, demand for
recycled LDPE had begun to see a slight uptick with some buyers
struggling to find material.
"The demand for recycled products is not too bad … with
buyer struggling to get a hold of virgin material, this has
somewhat boosted recycled LDPE demand, supported by 'green
marketing,' " a distributor said.
Any optimistic sentiment seen across the early stages of 2024
for significant price increases has been short lived on the back
of weaker-than-expected demand for recycled material over its
virgin counterpart.
"At the start of the month, for higher quality, I was hearing
Eur50/mt increases, especially of the back of the Eur150/mt
increase in the virgin market," a distributor said. "But these
increases have not held strong in the market, I am now hearing
targeted increases of Eur30/mt."
Platts assessed recycled LDPE translucent pellets at Eur990/
mt DDP Northwest Europe Feb. 21, up Eur10/mt on the week and
up Eur30/mt on the month.
Platts is part of S&P Global Commodity Insights.
Platts European Recycled LDPE Weekly Rationale
Platts assessed recycled low-density polyethylene translucent
pellets at Eur990/mt DDP Northwest Europe Feb. 21, stable on
the day and up Eur10/mt on the week. The assessment was
moving toward an indication from a distributor who placed the
market in the upper range at Eur1,050/mt and considered a
second indication of an increase of Eur30/mt from the same
distributor and movement in the virgin price, pending further
corroboration at higher levels.
R-LDPE grey pellets were assessed at Eur710/mt DDP NWE,
unchanged on the day and on the week, at the bottom of a
distributor's corroboration heard at Eur710-730/mt amid market
feedback of stable market conditions.
R-LDPE black pellets were assessed at Eur660/mt DDP
NWE, steady on the day and up Eur10/mt on the week, weighing
a distributor's indication heard at close to Eur700/mt against
feedback of stable market conditions.
Post-use Grade B bales were assessed at Eur310/mt DDP NWE,
stable on the day and on the week, pending fresh indications.
Post-use Grade A bales were assessed at Eur340/mt DDP
NWE, steady on the day and on the week, maintaining a stable
premium over grade B bale prices, pending fresh indications.
Platts is part of S&P Global Commodity Insights.
US LDPE: Export levels firm on week
„ Rail car values talked in 43-45 cents/lb range
„ Supply-side concerns persist amid lack of new offers
Low density polyethylene activity in the US was thin during
the Feb. 15-21 period, with market participants awaiting
© 2024 by S&P Global Inc. All rights reserved. 8
fresh offers, as one PE maker announced a price hike for the
upcoming month.
Rail car indications of value were heard in a 43-45 cent/lb
range ($1,047-$1,091/mt FAS Houston) from Feb. 15-20, with one
source saying LDPE availability was relatively snug compared to
linear low density PE butene and high density PE injection grades.
Platts assessed LDPE $11 higher on the week but stable on the
day at $1,058/mt FAS Houston on Feb. 21.
Market participants reported some reluctance from
customers to accept the steadily rising prices across PE
grades, with demand considered low to moderate. Still, US-
origin PE remains an attractive option to Europe-based buyers
amid ongoing geopolitical conflicts compromising other global
supply chains.
Europe-based converters are interested in restocking,
which is accounting for some demand, a source said. Some
buyers have made purchases in February in consideration of
bullish sentiment, wanting to capitalize on lower price levels,
as producers continued to seek price hikes. As a result, traders
and distributors may have less appetite in March depending on
customer needs and inventory levels, sources said.
Producers were said to have largely concluded February
business, with supply expected to remain snug for PE overall
through the end of February, according to market feedback.
Dow Chemical reaffirmed its February North American PE price
increase and announced a March price hike, according to a letter to
customers seen Feb. 20 by S&P Global Commodity Insights.
The company will implement its previously announced 5-cent
increase effective Feb. 1 for all PE resins sold in the US and
Canada and will implement an additional 3-cent/lb increase
effective March 1 in the region or as contracts allow, according to
the Feb. 15-dated letter.
In data news, LDPE capacity in January increased 3% from
December 2023 amid new plant startups and restarts of existing
units, American Chemistry Council data from Feb. 20 showed.
Platts is part of S&P Global Commodity Insights.
Platts US LDPE Weekly Rationale
Platts assessed spot export low-density polyethylene at
$1,058/mt FAS Houston on Feb. 21, holding steady on the day and
$11/mt higher on the week.
The assessment came slightly above rail car indications
repeatedly heard at 43 cents/lb ($1,047/mt FAS Houston) on Feb. 20,
moving towards an indicated rail car range heard the same day at
44-45 cents/lb, pending corroboration of higher trading activity.
The FAS Houston assessment includes 4.5 cents/lb to
account for the fees associated with packaging the resin and
transporting it to ports for export.
Platts assessed spot export LDPE on an FAS US East Coast
basis at $1,069/mt, also unchanged on the day and $11/mt higher
from the prior-week assessment, based on Houston rail car
pricing plus 5 cents/lb for packaging and transportation.
Domestic contract LDPE was assessed at 74.50 cents/lb
delivered, stable from a week ago amid no disproving indications.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
US Recycled LDPE: Market acceptance
of 'dirty' bales likely to grow
„ Pricing, volumes for bales remain stable
„ LyondellBasell acquires PreZero assets
Both pricing and volumes remained consistent for US post-
use low-density polyethylene bales in the week to Feb. 21.
"People are probably pretty happy with the pricing they're
getting for A-grade bales," said one seller, noting that domestic
demand has remained steady.
However, the seller said it was likely more recyclers would
eventually figure out how to produce cleaner bales and
subsequently increase supply.
The route to cleaner bales could include either more
advanced machinery, labor, or both, the seller said.
Processors also are becoming more tolerant of so-called
dirtier film, able to accommodate the higher levels of colored film
in B-grade bales.
C-grade film bales often get landfilled, the source said, due to
the level of contaminants. Although chemical recyclers may be
able to accept dirtier bales, their bid levels may be low enough
that landfill fees are a more cost-effective option for a MRF
(materials recycling facility).
"Chemical recyclers come and go in buying, and they go
for the low-hanging fruit," the seller said. "It may not be worth
it for MRFs to separate it out if they're getting less than
landfill fees."
US-headquartered LyondellBasell acquired PreZero assets in
California, and plans to operate the site starting in 2025.
Platts US Recycled LDPE Daily Rationale
Platts assessed post-use LDPE grade A 95/5 film bales at
16 cents/lb FOB Chicago Feb. 21, flat on the day, at the bottom
of tradeable levels heard from a seller at 16-17 cents/lb FOB
Midwest and considering feedback of steady demand levels on
the week.
Grade B 80/20 post-use LDPE film bales were assessed at
8 cents/lb FOB Chicago, flat on the day, at the top of tradeable
levels heard from a seller at 6-8 cents/lb FOB Midwest and
considering market feedback of steady demand levels.
Light gray recycled LDPE pellets were assessed at 33.5
cents/lb FOB Chicago, flat on the day, mirroring stability in
the feedstock B-grade bale market and amid no disproving
indications.
PODCAST
© 2024 by S&P Global Inc. All rights reserved. 9
Platts is part of S&P Global Commodity Insights.
This rationale applies to symbols ARNPG00, ARNPH00 and
ARNPI00.
Asia LDPE: Southeast Asia market
strengthens on tight supply
„ China market quiet
„ LDPE film stable in India
The Southeast Asian low density polyethylene market
strengthened in the week ended Feb. 21 on tight supply.
Sources noted that the rise in LDPE prices were sharp this
week, with offers heard at around $1,150/mt.
This was due to tight upstream ethylene supply and
subsequent weakening production margins.
"We expect demand to pick up after the holidays and with the
high feedstock prices, we will need to increase our own prices to
secure the margin," said a producer.
Another trader added that many LDPE producers from both
Saudi Arabia and Southeast Asia seem to be reducing their
quantity of LDPE offered this month.
The Chinese market remained quiet this week with muted
trading activity as most companies were just re-opening after the
Lunar New Year holidays.
In India, LDPE film price remained stable Feb. 21, after edging
up $5/mt on Feb. 20.
A trader said LDPE film demand is firm, but buyers are
negotiating for lower price levels now. The offer levels at around
$1,160-$1,170/mt may not generate interest among buyers, the
source said.
However, a trader said it was difficult to obtain LDPE film
below $1,160/mt level.
Most tradable indications for LDPE Film remained in the range
$1,140-$1,170/mt.
Platts assessed South Asian general-purpose, low-density
grade polyethylene stable on the day at $1,155/mt CFR South Asia
Feb. 21.
Platts is part of S&P Global Commodity Insights.
Platts Asian LDPE Weekly Rationale
Platts assessed LDPE film stable on the week at $1,035/
mt CFR Far East Asia Feb. 21 based on a tradable indication at
the level. LDPE film was assessed up $10/mt on the week at
$1,105/mt CFR Southeast Asia, under offers heard at $1,150/
mt.
Platts assessed South Asian general-purpose, low-density
grade polyethylene stable on the day at $1,155/mt CFR South Asia
Feb. 21, considering tradable indications heard in the range of
$1,140-$1,170/mt.
Platts assessed Chinese domestic LDPE stable week on
week at Yuan 9,125/mt ex-works east China based on tradable
indications at Yuan 9,100-9,150/mt.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Platts Asian LDPE Daily Rationale
Platts assessed South Asian general-purpose, low-density
grade polyethylene stable on the day at $1,155/mt CFR South Asia
Feb. 21, considering tradable indications heard in the range of
$1,140-$1,170/mt.
Platts is part of S&P Global Commodity Insights.
This rationale applies to symbol(s) <ALDPA00>.
Asia Recycled LDPE: Stable amid muted trade
activity
„ Few bids and offers heard
„ Prices expected to rise on higher virgin prices
Platts assessed Asian recycled low density polyethylene
stable in the week to Feb 21. amid muted trading activity.
Due to the recent Lunar New Year holidays, the recycled LDPE
market was quiet, with few bids and offers heard throughout
the week.
Demand remained lukewarm and supply remained stable, with
no pressure to inventories, sources said.
However, prices are expected to rise due to higher virgin
prices, which are pushed up by tight upstream ethylene supply.
The tightening ethylene supply was caused by low operating
rates at Asia naphtha-fed steam crackers and logistical issues.
Platts assessed recycled LDPE natural film pellets FOB
Southeast Asia stable on the week at $760/mt.
Platts is part of S&P Global Commodity Insights.
Asian Recycled LDPE Daily Rationale
Platts assessed Asian recycled low density polyethylene
natural film pellets unchanged on the session at $760/mt FOB
Southeast Asia Feb. 21, based on a tradable indication of $760/
mt.
Platts is part of S&P Global Commodity Insights.
Latin American LDPE: Prices in Brazil and Mercosur
increase
„ Argentina sees first domestic price change since May 2023
„ West Coast South American price remains flat from Feb. 7
Spot prices in the Latin American low-density polyethylene
market were flat in West Coast South America on Feb. 21, but saw
rising prices in Brazil and in the Mercosur region and in Brazil.
West Coast South America
In West Coast of South America, prices were flat from Feb. 7
based on indications from the US Gulf Coast and Asia. Sources
said the Chinese market had not picked up yet due to the Asia's
Lunar New Year festivities, while USGC offers were limited during
the week.
"From the supply side, things have been largely muted as
well since new availability is quite scarce," a source said. "Pricing
© 2024 by S&P Global Inc. All rights reserved. 10
definitely has moved up from beginning of February. The question
is how much."
The same source added that increases were around a $40-
$60/mt minimum, reaching up to $100-$110/mt, considering
prices for March when supply is expected tighter, the same
source said, considering turnarounds in the US markets.
According to a US-based trader, offers were very limited at the
moment, therefore driving prices higher.
"We will have to wait until March," the trader said. "It is very
likely that Petrochemicals will announce increases of $44-66/mt
in PE spot for export."
The same trader added there was difficulty to transfer
additional increases to Latin America, since the latest February
replacement costs were not easy to transfer to customers.
Colombia
Platts assessed Colombian LDPE domestic delivered prices
up $65 at $1,220/mt based on CFR WCSA assessments with
nationalization costs heard at $100/mt.
According to a local player, local delivered offers increased
considerably in the past weeks, as there was limited inventory at
the moment.
"For next week, we expect prices to be unchanged," the local
source said.
Brazil
LDPE prices in Brazil for CFR products had the smaller
increase on PE grades for the week following Carnival festivities,
which is commonly slow for the market.
Amid rising prices and speculations of new increases coming
on March by American producers, some Brazil-based traders said
there was a lack of offers for LDPE.
"My company's headquarters raised prices a lot, considering
that in March our suppliers from the US might have a new
readjustment," one of the traders said.
On the domestic market, prices remained stable following
local producer Braskem's price policy for February, which
increased prices for all PE and PP grades. The company
established a discount for traders who buy in the beginning of the
month, while the few who decide to make deals at the end of the
month face new increases.
A production and sales report released by Braskem at the
beginning of the week showed the company's resins sales at
the domestic market and abroad dropped in 2023 from the
previous year.
Mercosur
Platts assessed spot low-density polyethylene at $1,185/mt
CFR Mercosur, up $40 from Feb. 7.
Demand in the Mercosur region has been stable to high,
especially for intra-regional product. Market sources said
logistics issues and higher extra zone prices have been favorable
to the intra-regional product.
One Paraguay-based source said that the situation has
Polymerscan February 21, 2024
allowed the Brazil-based producers to increase their prices.
"[The producers] change when the market needs to adjust to
market conditions," the same ource said. "It is a dynamic issue,
more dynamic and reactive."
The same Paraguay-based source added that in PP the
demand for extra-zone product was high due to the price
differential, while demand for PE was more inclined to the intra-
regional product due to the variety of products available and the
delivery time.
A second Paraguay-based source said that demand remained
strong in the region due to the logistics issues. The Paraguay
River levels have remained low, and Low Water Surcharges have
been in place since the beginning of February. This means more
market share to the Brazil-origin product, as it increases the CIF
cost compared to the CPT cost. As a result, polyethylene demand
for intra-regional product was strong during recent weeks.
A Uruguay-based source said demand has remained stable
during the week at normal levels.
Argentina
In Argentina, weekly LDPE prices decreased $20 from Feb. 7
amid limited imports.
Market feedback said the use of the Bond for the Rebuilding
of a Free Argentina securities issued in US dollars by the Central
Bank of Argentina to pay old debts owed by importers to their
suppliers have been well accepted.
One source said that for now the focus is on paying off
previous debts in order to resume volume trading.
Mexico
Mexico prices for LDPE were stable from Feb. 7, and demand
firmed over the week.
Buyers were hesitant during the first weeks of the month,
however due to constant price increase announcements, market
activity rose.
The redirection of US exports to Europe amid Red Sea
disruptions has affected availability.
Platts is part of S&P Global Commodity Insights.
Platts Latin American LDPE Weekly Rationale
CFR WCSA: Platts assessed spot low-density polyethylene
at $1,120/mt CFR Feb. 21, flat compared to Feb. 7, within a range
heard at $1,080/mt to $1,195/mt, amid talks of higher prices at
$40/mt to $110/mt on the week, pending corroboration of higher
prices.
LDPE: CFR Brazil: Platts assessed spot LDPE film pricing at
$1,170/mt Feb. 21, up $10 from Feb. 7, in line with an indication
at that level and within a price range varying from $1,130/mt to
$1,180/mt, amid talks of higher prices on the week.
CFR Mercosur: Platts assessed spot low-density polyethylene
at $1,185/mt CFR Mercosur Feb. 21, up $40 from Feb. 7. The
assessment is in line with one price indication at that level from
one trader and at the bottom of a range of offers heard at $1,185-
$1,195/mt from a second trader, within a range of prices heard
at $1,185-$1,240, and below a range of offers heard at $1,240-
© 2024 by S&P Global Inc. All rights reserved. 11
$1,440/mt. The assessment was based on indications of imported
material from Paraguay and Uruguay.
Delivered São Paulo: Platts assessed spot LDPE film pricing
at Real 9,500/mt Feb. 21, stable from Feb. 7, corroborated and
accepted by market participants.
Delivered Buenos Aires: Platts assessed Spot LDPE film at
$2,480/mt Feb. 21, down $20 from Feb. 7, considering repeatable
feedback of sluggish demand and the Argentinian peso
devaluation against the US dollar during the Feb. 7-21 period.
The assessment moved towards a price indication heard around
$2,400/mt Delivered Argentina, pending corroboration of market
activity at that level.
Delivered Bogota: Platts assessed spot LDPE at $1,220/mt
Feb. 21, up $65 compared to Feb. 7. The assessment was based
on CFR WCSA assessments with nationalization costs heard
at $100/mt and considered talks of higher prices from a local
producer.
Delivered Mexico City: LDPE film was assessed at $1,100/mt
Feb. 21, flat from Feb. 7. The assessment was below the range of
a producer heard at $1,130-$1,230/mt and it was at the bottom
of a pricing indication heard at $1,100-$1,210/mt from another
producer.
Platts is part of S&P Global Commodity Insights.
Linear Low Density Polyethylene
European LLDPE: Lack of material on spot supports
price increases
„ Metallocene spot pricing in wide range
„ Spot activity unchanged across the week
The European linear low density polyethylene spot market
continued to face weak availability of material across various
grades in the week ended Feb. 21.
Constrained supply of LLDPE material had persisted, with
import vessels from the Middle East taking a longer voyage
route amid disruptions to the Red Sea and reduced domestic
production levels, according to market sources.
Spot prices continued to rise across the week to Feb. 21,
supported by the tighter supply. The LLDPE metallocene grade had
seen a wide range of price levels on spot, with higher prices being
offered for more specialist grades, according to market sources.
The European LLDPE Metallocene grade spot price was
assessed at Eur1,300/mt FD NWE Feb. 21, at a Eur80/mt premium
to LLDPE C4, according to Platts data.
Despite tighter material availability, activity on spot had
remained unchanged from the previous week, with weak end-user
demand persisting, according to market sources.
"Spot activity is the same, has not increased, the players are
waiting, but what they are waiting for, I do not know," a distributor
said, adding, "We do not see pre-buying activity, the demand is
very weak."
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Platts European LLDPE Weekly Rationale
Platts assessed the European linear low density polyethylene
C4 grade spot price at Eur1,220/mt free-delivered Northwest
Europe Feb. 21, unchanged on the day and on the week, in
line with a trader indication of pricing below LDPE, within a
producer indication at Eur1,150-1,200/mt, a distributor indication
at Eur1,170-1,300/mt, another distributor indication at Eur1,190-
1,260/mt, below a trader indication at Eur1,230-1,250/mt, below a
trader indication of pricing at Eur1,300/mt and above, considering
feedback of tight supply weighed against weak demand
fundamentals.
The European LLDPE C6 grade spot price was assessed
at Eur1,250/mt FD NWE, unchanged on the week, maintaining
a Eur30/mt premium over LLDPE C4, in line with a distributor
corroboration of a Eur30/mt premium over LLDPE C4, within
the same distributor indication at Eur1,210-1,330/mt, at the
bottom of a distributor and trader indication of a Eur30-50/mt
premium, above a trader indication of pricing parity to LLDPE C4,
considering market feedback of muted spot activity and weak
demand.
The European LLDPE Metallocene grade spot price was
assessed at Eur1,300/mt FD NWE, up Eur20/mt on the day,
maintaining a premium to LLDPE C6, moving toward a range of
indications at Eur1,350-1,500/mt from distributors, considering
feedback of tighter supply than LLDPE C4.
The FD Germany LLDPE C4 freely-negotiated gross contract
price was assessed at Eur1,560/mt, up Eur65/mt on the week
and up Eur70/mt from the end of January, moving up toward the
bottom of a distributor indication at Eur1,560-1,600/mt, below
a consumer indication at Eur1,640/mt, slightly moving toward
a range of increases heard at Eur100-200/mt, pending further
corroboration of concluded February settlements.
The FD NWE LLDPE C6 freely-negotiated gross contract price
was assessed at Eur1,700/mt, up Eur5/mt on the week and up
Eur10/mt from the end of January, at the top of a distributor
indication at Eur1,625-1,700/mt, above an indication of Eur120/
mt premium over LLDPE C4 contract price, below a range of
increases heard at Eur100-150/mt, pending further corroboration
of concluded February settlements.
Platts is part of S&P Global Commodity Insights.
US LLDPE: Spot exports stable amid thin activity
„ Dow Chemical announces March PE price hike in
North America
„ Formosa Plastics lost power Feb. 15-16 at LLDPE unit in
Point Comfort
Linear low density polyethylene export prices were stable
week-on-week on an FAS Houston basis Feb. 21, with market
players in wait-and-see mode amid a lack of new offers.
Butene-grade LLDPE rail car values were indicated at 42
cents/lb by a trader on Feb. 15, with a distributor notionally
indicating tradeable values at 41 cents/lb on Feb. 20 amid
© 2024 by S&P Global Inc. All rights reserved. 12
customer reluctance to accept price increases. No new
indications were heard for LLDPE hexene; the same distributor
source notionally indicated metallocene levels at or above 40
cents/lb on a rail car basis Feb. 20.
Platts, part of S&P Global Commodity Insights, assessed
LLDPE butene in line with a trader indication at $1,025/mt FAS
Houston, including an additional 4.5 cents/lb to account for
packaging and transit costs. Metallocene and hexene grades
were assessed unchanged from a week ago at $1,069/mt and
$1,047/mt, respectively.
One source commented that butene-grade LLDPE availability
was relatively good compared to the snug supply situation for
other PE grades, like high density PE blowmolding and film. Still,
the source added the market is in wait-and-see mode; other
market players indicated many PE makers have concluded
February export business.
US-origin PE remains attractive to buyers in Europe,
particularly some converters interested in restocking, a second
source said. Some buyers in February were purchasing volumes
in consideration of bullish sentiment, wanting to capitalize on
lower prices as PE makers continue to seek increases, so traders
and distributors may have less appetite in March depending on
customer needs and inventory levels, sources said.
Dow Chemical has reaffirmed its February North American
PE price increase and announced a March price hike, according
to a letter to customers seen Feb. 20 by S&P Global Commodity
Insights.
The company will implement its previously announced 5-cent
increase effective Feb. 1 for all PE resins sold in the US and
Canada and will implement an additional 3 cents/lb increase
effective March 1 in the region or as contracts allow, according to
the Feb. 15-dated letter.
Meanwhile, Formosa Plastics Corporation reported an
emissions event at an LLDPE unit in Point Comfort, Texas, on
Feb. 15-16 due to loss of electrical power. While the facility is
undergoing planned maintenance on all PE units between
February and April, sources said the event was likely separate
from the turnaround process.
In data news, new American Chemistry Council data showed
LLDPE capacity in January was up 3% from December amid new
plant startups and restarts of existing units.
Platts US LLDPE Weekly Rationale
Platts assessed linear low-density polyethylene butene prices
at $1,025/mt FAS Houston Feb. 21, stable with Feb. 20 and from
a week ago. The assessment was in line with the most recent
rail car indication of value heard at 42 cents/lb, or $1,025/mt FAS
Houston, Feb. 15, amid a lack of market activity.
Platts assessed hexene-grade LLDPE at $1,047/mt FAS
Houston, remained stable week on week, tracking the spot
butene market.
Platts assessed LLDPE metallocene at $1,069/mt FAS
Houston, stable with a week ago, likewise tracking stability in the
spot butene market.
Polymerscan February 21, 2024
The FAS assessment includes 4.50 cents/lb to cover fees
associated with packaging resin and transporting it to ports for
export.
Platts assessed spot export LLDPE butene on a FAS US
East Coast basis at $1,036/mt, flat on the day and on the week,
based on Houston rail car pricing with an additional 5 cents/lb to
cover packaging and transportation costs, according to market
feedback.
Domestic contract LLDPE was assessed at 59 cents/
lb delivered basis, unchanged from Feb. 14, pending fresh
indications.
Platts is part of S&P Global Commodity Insights.
Asia LLDPE: China market quiet
as many on wait-and-see stance
„ Demand weak in China
„ Prices up in India
The Asian low linear density polyethylene market remained
quiet in the week ended Feb. 21, with most market sources just
returning from the Lunar New Year Holidays.
In China, demand remained weak as many downstream plants
have yet to resume operations after the holidays. There were
also few bids and offers heard, said sources. Weak demand have
kept buyers at bay, as most buyers are preferring to procure on a
need-only basis, a source said.
For now, many are adopting a wait-and-see stance till the end
of the Lunar New Year, which falls on Feb. 24.
"If inventories are not consumed next week, then sellers might
reduce offers," said a source.
In Southeast Asia, market sources are anticipating a pick up
in prices this week due to tight upstream ethylene supply and
increased demand as companies return from the holidays.
In India, LLDPE film price rose with tradable indications at
slightly higher levels compared to last week.
Tradable indications for LLDPE film were in the narrow range
of $990-$1,000/mt.
Sources said international suppliers are firm at their price
levels, despite stable supply from domestic producers.
Platts assessed CFR South Asia linear low-density
polyethylene up $10/mt on the week at $995/mt Feb. 21.
Platts is part of S&P Global Commodity Insights.
Platts Asian LLDPE Weekly Rationale
Platts assessed LLDPE stable on the week at $940/mt CFR FE
Asia Feb. 21, based on a tradable indication at $940/mt. LLDPE
was assessed stable on the week at $1,000/mt CFR SE Asia,
below offers of $1,030-$1,050/mt. The CFR South Asia linear
low-density polyethylene was assessed up $10/mt on the week
at $995/mt Feb. 21, considering tradable indications heard in the
range $990-$1,000/mt.
Metallocene LLDPE was assessed stable on the week at
$1,000/mt CFR FE Asia, stable in tandem with c4 LLDPE price
© 2024 by S&P Global Inc. All rights reserved. 13
movements. Metallocene LLDPE was assessed stable on the
week at $1,040/mt CFR SE Asia, below a selling indication at
$1,200-$1,300/mt.
Platts assessed Metallocene LLDPE CFR South Asia stable on
the week at $1,200/mt, considering a tradable indication heard at
$1,200/mt.
Platts assessed Chinese domestic LLDPE stable on the
week at Yuan 8,175/mt ex-works east China, based on tradable
indications at Yuan 8,150-8,200/mt.
Platts is part of S&P Global Commodity Insights.
Latin American LLDPE: Brazil and
Mercosur continue to see higher prices
„ WCSA prices unchanged compared to Feb. 7
„ Mexico and Brazil domestic markets flat
Spot prices in the Latin American linear low-density
polyethylene market were flat in the West Coast of South
America, but higher in Brazil and in the Mercosur region.
Argentinian domestic market was the only one with lower prices,
while Brazil and Mexico saw stable prices compared to Feb. 7.
West Coast of South America
Along the West Coast of South America, prices were flat
compared to Feb. 7, however, still pressured by higher offers and
limited availability from the US Gulf Coast. Soft demand in the
region has muted higher prices for the moment, sources said.
According to one trader, offers from the US are indeed higher
but the market is starting now to rebuild inventory levels, so
demand may pick up in the next weeks.
"We are not seeing customers eager to buy at this point since
the rise has been too quickly," a US trader said. "Many may just
decide to wait and see planning to deplete on hand inventory or
cargo on the way. While we are still confident the market still may
have some momentum, we are seeing more resistances today
than previous few weeks."
According to one source, although Asian countries have
returned to activities, prices are not expected to move.
"Typically, after Lunar New Year layoffs, Chinese domestic
producers are facing high inventory pressure and have no
chance to raise prices," the source said. "In fact, China's
futures market was assessed lower last couple of days,
so that does not help turning the pricing trend around
in China."
The entire Asian market cues off China, the source added.
"When China prices stay low, no way for neighboring countries to
separate themselves to do better."
Colombia
In Colombia, LLDPE film prices were flat Feb. 21 at $1,200/mt.
Indications were seen within the range from market participants,
considering mostly imported material nationalized equivalents
calculated off the WCSA price, considering material from the US,
Polymerscan February 21, 2024
which does not face import-duties. Around $100/mt is considered
for nationalizing material in Colombia.
Demand in Colombia has remained stable, according to a local
player. "Some market participants have been reluctant to accept
price increases, however, they have taken them," the local player
said. "There is expectation about the evolution of prices in March
due to the slow evolution of the economy."
Brazil
CFR prices for LLDPE also increased in the Brazilian market,
while some traders noted a lack of offers and higher demand
following the week of Carnival festivities.
"Last week was very slow, and this week I'm seeing clients
more interested in searching for material", one of the sources
said. Even so, prices remain elevated, which is seen as a market
opportunity to maintain higher prices.
"Due to the issues at the Suez Canal and Panama Canal, Asian
and Middle-Eastern products are not arriving with competitive
prices to the Brazilian market, and with this North Americans try
to implement more increases," a market participant said.
At the domestic market, LLDPE prices remained stable,
following local producer Braskem's price policy for February. The
company increased all ranges of PE prices at the beginning of
the month, and some traders expect new increases. Demand
remained stable for the period, when usually clients remain
waiting for the following month prices.
Mercosur
Platts assessed spot linear low-density polyethylene butene
at $1,185/mt CFR Mercosur Feb. 21, up $70 from Feb. 7.
Mercosur market participants have shared mixed views about
increasing prices in the region. A Paraguay-based source said
that traders have not still reflected increases absorbing the FAS
Houston price changes in the past few weeks.
"I think traders know that here they cannot apply so much
upside volume," the source said. "The market does not clearly see
the fundamentals to justify such a sharp rise." However, the same
source said that price increases in the Mercosur market normally
take time to be reflected on CFR prices.
A second Paraguay-based source said that prices have indeed
increased in line with FAS Houston price increases. "The times
are just not the same—what was happening with the traders is
that they were quoting high prices and then lowering their price, I
think they have a lot of stock."
Higher stocks have led traders to lower their prices when
negotiating, the second source added. "Traders have good
stock, with stock in hand they follow the rise but end up selling
cheaper."
Argentina
Argentina domestic prices were down $20 for LLDPE Feb. 7
across all grades, amid devaluation expectations.
Market feedback indicated that a devaluation is expected
© 2024 by S&P Global Inc. All rights reserved. 14
between March and April, in addition to the monthly devaluation
of 2-3%.
The US dollar was trading at its highest point at Peso 837.85/$
Feb. 21. After trading from Peso 366.51/$ Dec. 12 to an exchange
rate of 800 Argentinian pesos or higher as of Dec. 13, according to
S&P Capital IQ data.
Mexico
Mexico prices for LLDPE were stable from Feb. 7.
There have been ongoing low inventories amid disruption in
local production.
On Nov. 29, Pemex announced planned maintenance in their
LLDPE unit with Dec. 8 as an estimated end date. Currently,
production remains halted, and the complex is expected to
remain with no production until mid-April.
Platts is part of S&P Global Commodity Insights.
Platts Latin American LLDPE Weekly Rationale
CFR WCSA: Platts assessed spot linear low-density
polyethylene at $1,100/mt CFR Feb. 21, flat from Feb. 7, based on
most repeatable level within a range heard at $980-$1,215/mt,
amid talks of higher prices at $40-$110/mt on the week, pending
corroboration of higher prices.
LLDPE: CFR Brazil: Platts assessed spot LLDPE butene
pricing at $1,130/mt on Feb. 21, up $30 from Feb. 7, in line with
an indication corroboration at that level and within a price
range of $1,090-$1,140/mt, amid talks of higher prices on the
week.
CFR Mercosur: Platts assessed spot linear low-density
polyethylene butene at $1,185/mt CFR Mercosur on Feb. 21,
up $70 from Feb. 7. The assessment is in line with multiple
indications of prices at that level, within a range of prices heard
at $1,120-$1,195/mt and below a range of offers heard at $1,195-
$1,270/mt. The assessment was based on indications of imported
material from Paraguay and Uruguay.
Delivered Sao Paulo: Platts assessed spot LLDPE butene
pricing at Real 8,750/mt on Feb. 21, stable from Feb. 7,
corroborated and accepted by market participants.
Delivered Buenos Aires: Platts assessed Spot LLDPE butene
at $2,410/mt on Feb. 21, down $20 from Feb. 7, considering
repeatable feedback of sluggish demand and the Argentinian
peso devaluation against the US dollar during the Feb. 7-21
period, within a price indication heard around $2,400-$2,450/mt
Delivered Argentina on Feb. 21.
Delivered Bogota: Platts assessed LLDPE at $1,200/mt Feb.
21, flat from Feb. 7. The assessment was based at CFR WCSA
assessments with nationalization costs heard at $100/mt, within
traders' indications at $1,090-$1,213/mt of imported product
already nationalized.
Delivered Mexico City: LLDPE butene was assessed at $1,000/
mt on Feb. 21, flat from Feb. 7. The assessment was at the bottom
of a range heard at $1,000-$1,050/mt from a producer.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
High-Density Polyethylene
European HDPE: Pricing hikes persist
amid tightening supply
„ Limited imports from the US: source
„ March ethylene MCP anticipation rises
Availability of European high density polyethylene grades
remained tight in the week ended Feb. 21, with continued delays
of imports from the Middle East and limited volumes exported
from the US.
Spot prices had continued to rise in the past week off the
back of limited availability. Platts assessed the European HDPE
blowmolding grade spot price at Eur1,220/mt FD NWE Feb. 21, up
Eur30/mt on the week.
"There is no doubt that more commodity materials are not
coming in or are arriving at higher prices," a producer said, further
highlighting that there were less exports from the US.
Tight supply of HDPE was further enhanced by reduced
production rates and some domestic outages.
In plant news, TotalEnergies had declared a force majeure
on their HDPE plant located in Gonfreville, France, Feb. 19, in a
customer letter seen by S&P Global Commodity Insights.
Some market participants had cited no expectations of an
impact from the TotalEnergies outage.
"They are not very active in HDPE, so I do not think it will
affect the market," a distributor said.
Demand fundamentals remained structurally unchanged, as
market players continued to face weak demand from end-user
industries.
Market sentiment had shifted to March, with market players
heard discussing probable settlements of the feedstock ethylene
contract price for March due to an increase in upstream naphtha
cost over the past week.
Platts assessed the average cost of naphtha in February at
$659.48/mt CIF NWE Feb. 20, up $19.53/mt from January.
Platts is part of S&P Global Commodity Insights.
Platts European HDPE Weekly Rationale
Platts assessed the high density polyethylene injection
grade at Eur1,200/mt free-delivered northwest Europe Feb.
21, unchanged on the day and up Eur10 on the week, within a
producer indication of spot deals at Eur1,150-1,250/mt, in line with
a trader indication of pricing lower than Eur1,250-1,300/mt, within
a range of distributors indications at Eur1,180-1,280/mt, below a
trader indication at Eur1,250-1,300/mt, in line with a distributor
indication of Eur10-20/mt below HDPE blowmolding and unimodal
film grades, considering feedback of tighter availability weighed
against limited buying interest.
The European HDPE blowmolding grade spot price was
assessed at Eur1,220/mt FD NWE, unchanged on the day and up
Eur30 on the week, within a producer indication of spot deals
at Eur1,150-1,250/mt, within a distributor indication at Eur1,200-
© 2024 by S&P Global Inc. All rights reserved. 15
1,300/mt, below a trader indication at Eur1,250-1,300/mt, in line
with another trader indication of pricing lower than Eur1,250-
1,300/mt and a corroborated indication of Eur20/mt premium
to the HDPE injection grade, considering feedback of tighter
availability weighed against limited buying interest.
The European HDPE unimodal film grade spot price was
assessed at Eur1,220/mt FD NWE, unchanged on the day and
up Eur30 on the week, in line with indications of pricing parity to
HDPE blowmolding, within a producer indication of spot deals
at Eur1,150-1,250/mt, within a distributor indication at Eur1,200-
1,300/mt, below a trader indication at Eur1,250-1,300/mt, in line
with another trader indication of pricing lower than Eur1,250-
1,300/mt and in line with a distributor indication of Eur20/mt
premium to the HDPE injection grade, considering feedback of
tighter availability weighed against limited buying interest.
The FD Germany freely-negotiated gross contract price for
injection grade HDPE was assessed at Eur1,450/mt, up Eur45 on
the week and up Eur50 from the end of January, moving towards
a distributor indication at Eur1,500-1,550/mt, above an earlier
converter indication at Eur1,380-1,480/mt, below a range of
increases heard at Eur70-200/mt, pending further corroboration
of concluded February settlements.
The FD Germany freely-negotiated gross contract price for
blowmolding grade HDPE was assessed at Eur1,500/mt, up Eur45
on the week and up Eur50 from the end of January, moving
towards a distributor indication at Eur1,530-1,580/mt, above the
same distributor indication of Eur30/mt premium over HDPE
injection contract price, below a range of indications at Eur70-
200/mt increases on the month, pending further corroboration of
concluded February settlements.
The FD Germany HDPE unimodal film grade freely-negotiated
gross contract price was assessed at Eur1,520/mt, up Eur45
on the week and up Eur50 from the end of January, at parity to
HDPE blowmolding, in line with multiple indications placing prices
at parity to HDPE blowmolding, below a distributor indication
at Eur1,530-1,580/mt, below a consumer indication at Eur1,610/
mt, above the same distributor indication of Eur30/mt premium
over HDPE injection, below a range of indications at Eur70-200/
mt increases on the month, pending further corroboration of
concluded February settlements.
Platts is part of S&P Global Commodity Insights.
Turkish and African Polyethylene: Buying activity
slows amid weak downstream demand
„ Slower market in Turkey
„ Nigeria currency crisis impacts trade
The Turkish polyethylene market was stable in the week
to Feb. 21 as buying interest softened against ongoing
limited supply.
Platts assessed the CFR Turkey high density polyethylene film
grade spot price unchanged on the week at $1,130/mt.
Activity was quieter in the Turkish market as a result of slower
Polymerscan February 21, 2024
demand for spot cargoes. Buyers remained price sensitive and
were cautious of cash flow amid weak demand downstream and
a weaking lira against the US dollar.
"Despite these price levels, the market for the past week or
10 days has been very slow, if suppliers get nervous and discount
prices then the market will use that for reductions," a trader said.
Several offers were present in the market from the Middle
East, Iran and US origins. US material was "aggressively priced,"
according to players in the market, with prices below other
origins. US lead times were also more attractive in comparison to
Asia and some Middle Eastern suppliers as impacts from the Red
Sea crisis were milder.
In West Africa market players were grappling with a volatile
naira in Nigeria, which fell to new record lows during the week.
The volatility added to currency risk for players trading, causing
some to refrain from taking position in the market. The availability
of PE was healthy in West Africa.
Platts is part of S&P Global Commodity Insights.
Platts African and Turkish Polyethylene Weekly Rationale
Platts assessed the CFR Turkey high-density polyethylene
film grade spot price unchanged on the week at $1,130/mt Feb.
21, below an offer heard at $1,200/mt and at the top of a trader's
indication heard at $1,120-$1,130/mt for US-origin material,
considering feedback of less trading activity.
The CFR Turkey HDPE blowmolding grade spot price was
unchanged on the week at $1,130/mt, above a trader's indication
at $1,090-$1,100/mt for US-origin material, pending corroboration
of lower levels.
CFR Turkey HDPE injection grade spot prices were assessed
unchanged on the week at $1,110/mt, reflecting a trader's
indication of prices below HDPE blowmolding.
CFR Turkey linear low-density PE spot prices were assessed
unchanged on the week at $1,090/mt, at the bottom of a trader's
indication at $1,090-$1,100/mt for US-origin material and below
an offer heard at $1,040-$1,060/mt for US-origin material, which
could not be corroborated.
The CFR Turkey low-density PE spot price was assessed
unchanged on the week at $1,150/mt, pending fresh indications.
CFR West Africa HDPE film grade spot prices were assessed
up $10/mt on the week at $1,150/mt, below offers heard at $1,160-
$1,180/mt.
CFR West Africa HDPE blowmolding grade spot prices were
assessed up $10/mt on the week at $1,130/mt, below offers heard
at $1,140-$1,160/mt.
CFR West Africa HDPE injection grade spot prices were
assessed up $10/mt on the week at $1,110/mt, tracking the rise in
other HDPE grades.
CFR West Africa LLDPE spot prices were assessed up $10/mt
on the week at $1,100/mt, mirroring the rise in HDPE grades.
CFR West Africa LDPE spot prices were assessed up $80/mt
on the week at $1,190/mt, toward a deal heard at $1,290/mt for
European-origin material and reflecting a trader's indication of
prices at $1,180/mt and above.
© 2024 by S&P Global Inc. All rights reserved. 16
CFR North Africa HDPE film spot prices were assessed
unchanged on the week at $1,140/mt, mirroring the stability in the
West Africa and Turkey spot prices.
CFR North Africa HDPE blowmolding spot prices were
assessed up $10/mt on the week at $1,100/mt, mirroring the
increase in the CFR West Africa price, pending fresh indications.
CFR North Africa HDPE injection spot prices were assessed
up $10/mt on the week at $1,090/mt, mirroring the increase in the
CFR West Africa price, pending fresh indications.
CFR North Africa LLDPE spot prices were assessed up $10/mt
on the week at $1,100/mt, mirroring the increase in the CFR West
Africa price, pending fresh indications.
CFR North Africa LDPE spot prices were assessed up $20/mt
on the week at $1,160/mt, partially tracking the increase in the
CFR West Africa price, pending fresh indications.
Platts is part of S&P Global Commodity Insights.
US HDPE: Blowmolding prices rise on tight supply
„ Film, injection-grade export prices unchanged on week
„ Producer announces 3-cent price increase for March
US high-density polyethylene spot export prices were stable
to higher on the week Feb. 21 amid tight availability for two grades
and sparse offers.
Producer offers for blowmolding grade, in particular, were
discussed very scarce, and existing offers were considered too
high to be desirable, sources said.
A distributor source said offers were heard from producers at
44-45 cents/lb on a rail car basis, adding that the upper end of
this range "feels like it's a little risky, it's very high."
Platts, part of S&P Global Commodity Insights, assessed the
grade stable on the day and up $11/mt on the week Feb. 21, below
the low end of the indicated offer range.
Availability for HDPE film was also heard to be snug, with the
same distributor source mentioning producer offers at parity with
blowmolding grade. Price indications were heard as high as 46
cents/lb rail car basis in the week ended Feb. 21.
Platts assessed the grade at parity with HDPE blowmolding,
below the most competitive offer.
HDPE injection remained an exception to the more significant
increases in PE prices seen throughout 2024, with every other
grade being discussed at or above 40 cents/lb on a rail car basis
in the first quarter. Repeatable indications of rail car value were
heard at 38 cents/lb on Feb. 20, with Platts assessing the grade
unchanged on the week, in line with the repeatable level.
Market participants reported some reluctance from
customers to accept the steadily rising prices across PE grades,
with demand considered to be low to moderate. The same
distributor source said demand in Brazil specifically was poor at
current price levels, with offers to the region seen to have been
not accepted. The source added that customers instead were
seen fulfilling their needs with locally available resin.
Overall, producer availability was discussed as scarce at
Polymerscan February 21, 2024
present, with sources indicating that producers had largely
concluded February business. Dow Chemical reaffirmed its
February North American PE price increase of 5 cents/lb and
announced a 3-cent price hike for March, according to a letter to
customers seen Feb. 20 by S&P Global Commodity Insights.
In data news, HDPE capacity in January was up about 2% from
December amid new plant startups and restarts of existing units,
American Chemistry Council data from Feb. 20 showed.
Shell Polymers' PE complex in Monaca, PA, is expected to
bring its remaining 550,000 mt/year HDPE unit online this month
after equipment issues lengthened the startup process, S&P
Global reported previously. The other two units that produce
linear low-density PE and HDPE were offline in Q4 to address
repairs, but according to company executives they had restarted
at the end of December, ramping up through January.
Platts US HDPE Weekly Rationale
Platts assessed blowmolding grade high density polyethylene
at $1,058/mt FAS Houston on Feb. 21, firming $11/mt on the day
and $22/mt on the week. The assessment came below the most
competitive, most recent offer heard Feb. 21 at 44 cents/lb on
a rail car basis, also considering feedback of limited offers and
tight supply.
Injection-grade HDPE was assessed at $937/mt FAS Houston,
unchanged week on week, in line with the most repeatable rail
car indications of value heard at 38 cents/lb on Feb. 20.
HDPE film was assessed at $1,058/mt FAS Houston, holding
steady on the week, under the latest and most competitive offer
heard Feb. 21 at 44 cents/lb rail car basis.
The FAS assessment includes 4.50 cents/lb to account for the
costs of packaging and transporting resin to ports for export.
Platts assessed spot export HDPE blowmolding on a FAS US
East Coast basis at $1,069/mt, $11/mt higher day on day and $22/
mt higher from a week ago, based on Houston rail car pricing with
an additional 5 cents/lb to cover packaging and transportation
costs, according to market feedback.
Domestic contract prices for blowmolding, film and injection
grades were assessed unchanged from a week ago pending
fresh indications. Blowmolding was assessed at 58.50 cents/lb
delivered basis, with injection grade assessed at 57.50 cents/lb
delivered basis and film grade assessed at 60 cents/lb delivered
basis.
Platts is part of S&P Global Commodity Insights.
US Recycled HDPE: Market players welcome
stability in pricing, volumes
„ Price spread between color, natural bales still narrow
„ Increasing interest in composite lumber: Azek execs
Pricing stability continued for US post-consumer high-
density polyethylene bales in the week to Feb. 21, though market
participants reported slightly firming demand.
"[Pricing] seems to be kind of flat, but I'll take that as opposed
© 2024 by S&P Global Inc. All rights reserved. 17
to giant spikes," said one seller.
"HDPE has been more consistent than for PET bales," said a
buyer. "The consistency in the past six to nine months has been
fantastic."
The buyer added that although volumes and prices had
remained steady for several months, prices were beginning to tick
up very slowly.
The price spread between natural and color bales also
remained narrow, at 9 cents/lb as of Feb. 21, well below a high of
62 cents/lb in May 2023, according to Platts data.
Several sellers said they had been receiving inquiries for
natural bales, which is unusual even when supply is reaching
seasonally low levels in late winter.
One buyer was heard seeking natural bales, after several
months of substituting competitively priced virgin resin.
One seller said smaller buyers are bidding more competitively,
increasing levels by 1-2 cents/lb compared to January, while
larger buyers are yet to increase their bids.
The spread between prime and recycled resin remains narrow,
assessed at 28 cents/lb Feb. 21. The gap between the two grades
has been as high as 94 cents/lb, reached in late May 2023.
End-user buying interest is ticking up with the approach of
2025 brand targets for post-consumer recycled content, with
buyers working to secure supply.
A recycler said they were fielding a lot more inquiries for
recycled resin than six months ago, and cited multiple US
legislative efforts already introduced in 2024 as a positive sign of
market growth for the future.
However, they said they were unsure how much fundamentals
would change before 2030, the next key date for recycling
targets.
Composite lumber manufacturer Azek is optimistic for
demand for its decking products containing recycled HDPE and
LDPE, executives said during the Citi Global Industrial Tech and
Mobility Conference Feb. 20.
Positive macroeconomic trends include conversion from wood
products to composite lumber, and the overall repair and remodel
market, which is influenced by significant demographic shifts and
the rate of homebuilding, CEO Jesse Singh said.
Platts is part of S&P Global Commodity Insights.
Platts US Recycled HDPE Daily Rationale
Platts assessed natural HDPE post-consumer bales at 33
cents/lb FOB Chicago Feb. 21, flat on the day, within tradeable
levels heard from one seller at 32-33 cents/lb FOB Midwest
and from another seller at 31-32 cents/lb FOB Midwest, and
considering feedback of firming demand on the week.
Mixed-color HDPE post-consumer bales were assessed at 24
cents/lb FOB Chicago, lower by 2 cents on the day, above buying
indications heard from a seller at 21-22 cents/lb FOB Midwest,
below tradeable levels heard from a second seller at 25 cents/
lb FOB Midwest, and considering market feedback of softening
demand.
Natural recycled HDPE pellets for blowmolding applications
Polymerscan February 21, 2024
were assessed at 76 cents/lb FOB Chicago, flat on the day,
mirroring stability in the feedstock natural bales market and amid
no disproving indications.
Platts is part of S&P Global Commodity Insights.
This rationale applies to the symbols ARNPC04, ARNPE04 and
ARNPA04.
Asia HDPE: Southeast Asia market
picks up on higher discussions
„ Fewer offers in China
„ India HDPE market stable
The Southeast Asian high density polyethylene market
trended upwards in the week ended Feb. 21 amid higher
discussions.
Though demand was still tepid due to the recently ended
Lunar New Year holidays, market sources said that tight upstream
upstream supply had edged prices of polyethylene up.
"Ethylene prices are even higher than some of the prices of
downstream products," one trader said.
The ethylene CFR Northeast Asia marker had inched higher
to an 11-month high on Feb. 20 because of limited availability of
March cargoes.
In the Chinese HDPE market, few offers and bids were heard
as most companies were still returning from the holidays.
Demand remained weak as many downstream plants have not
resumed operations while inventory levels remained stable from
just before the holidays, said a source.
In India, HDPE prices remained stable amid a slower market.
Sources said offers are fewer in the market now and
prices stable.
Tradable indications for film-grade HDPE were in the range
of $1,030-$1,070/mt, while the level for blow-molding grade was
fixed at $1,040/mt.
Platts assessed CFR South Asia HDPE film stable on the
week at $1,050/mt Feb. 21, while blow-molding grade HDPE was
assessed stable at $1,040/mt.
Platts is part of S&P Global Commodity Insights.
Platts Asian HDPE Weekly Rationale
Platts assessed HDPE Yarn stable on the week at $960/mt
CFR Far East Asia Feb. 21 based on a tradable indication at the
level. HDPE Yarn was assessed up $10/mt on the week at $1,015/
mt CFR Southeast Asia, under an offer at $1,120/mt.
HDPE injection was assessed stable on the week at $905/
mt CFR Far East Asia based on a tradable indication at the level.
HDPE injection was assessed stable on the week at $980/mt CFR
Southeast Asia on thin trading. Platts assessed Injection grade
HDPE stable on the week at $1,000/mt CFR South Asia Feb. 21,
considering tradable indications at $1,000/mt.
Platts assessed blowmolding-grade HDPE stable on the
week at $910/mt CFR Far East Asia, under an offer at $925. The
© 2024 by S&P Global Inc. All rights reserved. 18
same grade was also assessed up $10/mt on the week at $995/
mt CFR Southeast Asia, under an offer at $1,120/mt. Blow-
molding grade HDPE was assessed stable on the week $1,040/
mt CFR South Asia Feb. 21, considering tradable indications
heard at $1,040/mt.
Film-grade HDPE was assessed stable on the week at $950/
mt CFR Far East Asia based on a tradable indication at the level.
HDPE film was assessed up $10/mt on the week at $1,005/mt
CFR Southeast Asia, below offers heard at $1,050-$1,070/mt.
Platts assessed CFR South Asia HDPE film stable on the week at
$1,050/mt Feb. 21, considering tradable indications heard in the
range of $1,030-$1,070/mt.
Platts assessed Chinese domestic HDPE down Yuan 100/mt
week on week at Yuan 7,975/mt ex-works east China based on
tradable indications at Yuan 7,950-8,000/mt.
Platts is part of S&P Global Commodity Insights.
Latin American HDPE:
Majority of regions see higher prices
„ Domestic markets of Colombia and Mexico rose, Argentina falls
„ Brazil's domestic market flat compared to Feb. 7
High-density polyethylene prices were higher for all grades
in the West Coast of South America, Brazil, and Mercosur in the
week ended Feb. 21. Additionally, prices for HDPE were mostly
higher across the domestic markets of Colombia and Mexico,
while in Argentina prices fell.
West Coast of South America
Prices were higher for all HDPE grades during the week in the
WCSA region, considering still limited availability for most of the
grades and longer transit times, sources said.
"We are seeing tightness in the market, availability is limited
for blowmolding and film," a trader said. "Customers are now
well aware of the price increases and purchasing demand has
increased on the wake of higher prices. Some producers continue
to have issues with production availability, we do think March will
have another increase in PE from the US."
A lately issue in global markets has been logistics as the
Panama and Suez canals have suffered with different problems,
affecting routes from Asia to the rest of the world, and from the
USGC to Latin America.
"At this time, Asian PE cargo to South America is a non-
factor [due to logistic costs]. PP, on the other hand, is still more
competitive," a US-based trader said.
Colombia
In Colombia's domestic market, all HDPE grades were higher
considering the movements in the WCSA markets and higher
offers heard to the Colombian market.
According to traders, all prices were seen higher compared to
previous weeks.
Polymerscan February 21, 2024
Brazil
CFR HDPE price increases for Brazil were the highest among
PE grades, reaching $65/mt for film and $50/mt both for
injection and blowmolding. Some traders pointed out prices for
blowmolding and film were the same for US-origin products.
"I believe there will be more stability for March and April," one
source said. "I hope prices begin decreasing a little as US plants
reestablish production and there's more product availability."
Several market participants pointed out that prices were
going up due to the lack of products at times or by difficulties in
logistics.
On the domestic market, prices remained stable, following
local producer Braskem's February price policy. Domestic
traders are expecting new increases for March prices, which will
be released by the end of the month. A source mentioned the
minimum increase might be around Real 500/mt.
The company has already increased February prices, after
several price cuts applied in 2023.
Mercosur
HDPE film was assessed at $1,205/mt, up $110/mt on the
week, HDPE injection was at $1,165/mt, up $70/mt, and HDPE
blowmolding was at $1,140/mt, up $45/mt.
The Mercosur polyethylene market saw limited availability in
some grades.
A Paraguay-based source shared that HDPE blowmonding was
scarce and there was no product currently, adding that LDPE has
also been scarce as a result of higher demand.
A second Paraguay-based source shared that polyethylene
grades in general have been scarce on the week, particularly,
HDPE blowmolding.
A third Paraguay-based source said that there was availability
of all products with higher demand for HDPE at higher prices.
The higher demand seen for HDPE blowmoliding has been an
indication of possible tightness of such product, the source said.
Argentina
Domestic prices in Argentina were down $20/mt from Feb. 7
across all HDPE grades amid low sales and sluggish demand.
"Sales are down," a source said. There is a lot of price
competition, the source added.
A second source said demand remained sluggish in January
and February, as they were vacation months for the industry,
adding that March does not represent an improvement.
"All the restrictive policies on economic matters from the
government are affecting people's buying power," the second
source said.
Mexico
Mexico domestic prices were mixed for HDPE from Feb.
7. Injection and blowmolding prices were higher, while film
remained flat.
Prices have been following an uptrend on the year to date
amid producers announcing increments for January and February
© 2024 by S&P Global Inc. All rights reserved. 19
in response to a generalized increase in export prices from the
US to Mexico.
During the prior week, demand has stabilized.
"Prices have settled at a higher level now," a market
participant said.
There has been ongoing material shortage across all grades, in
particular for HDPE blowmolding.
Platts is part of S&P Global Commodity Insights.
Platts Latin American HDPE Weekly Rationale
CFR WCSA: Platts assessed high-density polyethylene film-
grade at $1,150/mt CFR Feb. 21, up $30/mt compared to Feb. 7,
based on the most repeatable indication at that level within a
range of $980/mt and $1,246/mt, amid talks of higher prices from
$40/mt to $110/mt on the week. HDPE injection was assessed
at $1,040/mt CFR Feb. 21, up $40/mt compared to Feb. 7, at
the middle of a range of $1,030/mt and $1,050/mt, amid talks
of higher prices from $40/mt to $110/mt on the week. HDPE
blowmolding was assessed at $1,130/mt CFR Feb. 21, up $10/mt
compared to Feb. 7, based on the most repeatable at that level
within a range of $990/mt and $1,185/mt, amid talks of higher
prices from $40/mt to $110/mt on the week.
HDPE: CFR Brazil: Platts assessed spot HDPE film pricing at
$1,225/mt Feb. 21, up $65/mt from Feb. 7, in line with indications
at that level, above an indication at $1,180/mt and within a price
range varying from $1,180/mt to $1,230/mt, amid talks of higher
prices on the week. HDPE injection was assessed at $1,100/mt
Feb. 21, up $50/mt from Feb. 7, in line with an indication at that
level and on the bottom of a price range varying from $1,100/
mt to $1,150/mt, amid talks of higher prices on the week. HDPE
blowmolding was assessed at $1,200/mt Feb. 21, up $50/mt from
Feb. 7, in line with an indication at that level, below an indication
at $1,225/mt and above a price range varying from $1,140/mt to
$1,190/mt, amid talks of higher prices on the week.
CFR Mercosur: Platts assessed spot high density polyethylene
film at $1,205/mt CFR Mercosur Feb. 21, up $110/mt from Feb. 7.
The assessment was in line with multiple indications of prices
at that level, below one offer at $1,215/mt from one trader and
below a second range of offers heard at $1,350-$1,370/mt from
a second trader. Spot HDPE injection was assessed at $1,165/mt
CFR Mercosur, up $70/mt from Feb. 7. The assessment was in line
with multiple indications of prices at that level, below one offer
at $1,175/mt from one trader and below a second offer heard at
$1,290/mt from a second trader. Spot HDPE blowmolding was
assessed at $1,140/mt CFR Mercosur, up $45/mt from Feb. 7. The
assessment was in line with one trade heard at $1,140/mt and
below a range of offers heard at $1,150-$1,310/mt and within a
range of prices heard at $1,140-$1,175/mt, considering talk of tight
supply on the week. The assessment was based on indications of
imported material from Paraguay and Uruguay.
Delivered Sao Paulo: Platts assessed spot HDPE film pricing
at Real 10,400/mt Feb. 21, stable from Feb. 7, corroborated
and accepted by market participants. HDPE injection pricing
was assessed at Real 9,680/mt Feb. 21, stable from Feb. 7,
Polymerscan February 21, 2024
corroborated and accepted by market participants. HDPE
blowmolding pricing was assessed at Real 9,350/mt Feb. 21,
stable from Feb. 7, corroborated and accepted by market
participants.
Delivered Buenos Aires: Platts assessed Spot HDPE film
at $2,390/mt Feb. 21, down $20/mt from Feb. 7, considering
repeatable feedback of sluggish demand and the Argentinian
peso devaluation against the US dollar during the Feb. 7-21
period. The assessment moved toward a price indication heard
around $2,320/mt delivered Argentina, pending corroboration of
market activity at that level.
Delivered Bogota: Platts assessed HDPE film at $1,250/
mt Feb. 21, up $30/mt compared to Feb. 7. The assessment
was based at CFR WCSA assessments with nationalization
costs heard at $100/mt, above a trader's indication at $1,346/
mt of imported product already nationalized. HDPE injection
was assessed at $1,140/mt, up $40/mt compared to Feb. 7.
The assessment was based at CFR WCSA assessments with
nationalization costs heard at $100/mt, below trader's indication
at $1,130/mt of imported product already nationalized. HDPE
blowmolding was assessed at $1,230/mt, up $10/mt compared
to Feb. 7. The assessment was based at CFR WCSA assessments
with nationalization costs heard at $100/mt, within traders'
indications at $1,210-$1,285/mt of imported product already
nationalized.
Delivered Mexico City: Spot HDPE blowmolding was assessed
at $1,040/mt Feb. 21, up $10/mt from Feb. 7. The assessment was
below the range of a producer heard at $1,050-$1,150/mt. HDPE
injection was assessed at $1,030/mt, up $10/mt from Feb. 7. The
assessment was below the range of a producer heard at $1,040-
$1,130/mt. HDPE film was assessed at $1,100/mt, flat from Feb.
7. The assessment was below the range of a producer heard at
$1,110-$1,170/mt.
Platts is part of S&P Global Commodity Insights.
European Recycled HDPE: Pricing buoyed
by buyer commitments to sustainability
„ Improved demand from packaging
„ Upstream tightness impacting downstream markets
European recycled high-density polyethylene saw steady
increases in the week to Feb. 21, buoyed by buyers' ongoing
interest in achieving sustainable commitments.
Market players pointed toward strong and relatively stable
market conditions, with participants remaining bullish on
pricing fundamentals for the packaging derivative segment of
recycled HDPE.
Meanwhile, continued reduction in domestic production rates
for virgin product and delayed imports from the Middle East has
boosted demand for recycled material.
Platts assessed recycled HDPE light pellets at Eur990/mt
FD NWE Feb. 21, up Eur10/mt on the week. With one distributor
noting higher values of up to Eur1,100/mt amid tightness in the
© 2024 by S&P Global Inc. All rights reserved. 20
virgin market, leaving some buyers willing to pay a premium to
obtain material.
In the post-consumer HDPE mixed bales market, market
sources also cited increased tightness on the week leading to
significant price increases.
"Seeing tightness … [it's] a very high price season at the
moment," a producer said.
Platts is part of S&P Global Commodity Insights.
Platts European Recycled HDPE Weekly Rationale
Platts assessed recycled high-density polyethylene natural
pellets at Eur1,650/mt on a free delivered Northwest Europe
basis Feb. 21, steady on the day and on the week, in line with
distributor corroboration at this level.
R-HDPE light pellets were assessed at Eur990/mt FD NWE,
unchanged on the day and up Eur10/mt on the week, within a
distributor corroborated range at Eur980-1,100/mt amid feedback
of increased demand.
Post-consumer HDPE mixed bales were assessed at Eur260/
mt FD NWE, stable on the day and up Eur60/mt on the week,
moving towards an indication at Eur320-350/mt and a second
indication from the same source of Eur150/mt increase, while
also considering feedback of tight supply and pending further
corroboration at higher levels.
Platts is part of S&P Global Commodity Insights.
Asia recycled HDPE: Prices stable on thin trade
Platts assessed Asian recycled high density polyethylene
stable in the week to Feb. 21 on thin trading.
Demand was slow this week as companies were returning
from the Lunar New Year holidays, as well as the general poor
economy, sources said.
They added that recycled HDPE supply remains strong, with
no inventory pressure.
"We will not be increasing our prices as our supply is still high
and we still have raw materials," one producer said.
However, shipping issues provoked by security tensions in the
Red Sea and rising freight rates are putting pressure on prices in
Asia, a source said.
Platts assessed recycled high density polyethylene natural
film FOB Southeast Asia stable on the week at $750/mt.
Similarly, recycled HDPE black blow FOB Southeast Asia was
assessed unchanged on the session at $590/mt.
Platts is part of S&P Global Commodity Insights.
Platts Asian Recycled HDPE Daily Rationale
Platts assessed Asian recycled high density polyethylene
natural film unchanged on the session at $750/mt FOB Southeast
Asia on Feb. 21, based on a tradable indication at $750/mt.
Platts assessed Asian recycled HDPE black blow unchanged
on the session at $590/mt FOB Southeast Asia, based on a
tradable indication at $590/mt.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Polypropylene
European Polypropylene: Spot prices continue
to rise on supply restrictions
„ Offers continue to be bullish, although demand still weak
„ Delayed imports adding to supply constraints
European polypropylene spot market prices continued to rise
in the week to Feb. 21, lifted by supply restrictions on a lack of
domestic availability and import delays.
Platts assessed homo injection grade polypropylene spot
prices at Eur1,260/mt, up Eur20/mt on the week, while FD NWE
copolymer PP spot prices were assessed at Eur1,330/mt, also
Eur20/mt higher on the week.
A persistent scarcity of material in both domestic and import
markets on the back of delayed arrivals of cargoes from the Middle
East and Asia due to security tensions in the Red Sea and outages
in the European market have cut availability across the continent.
Despite demand remaining fundamentally weak, according
to market sources, this lack of supply drove consumers back to
domestic sources and buoyed spot pricing.
A producer said there was little spot volume being offered
currently in the market, "so if someone pops up looking for
material, we [will] offer a high price if we have."
A distributor said prices were increasing despite weak
demand, adding that some producers were reducing output to
support pricing further.
"Demand is lower for this time of year, although demand in
NWE is better than in southern Europe," the distributor added.
Contractual pricing in both homopolymer and copolymer
rose by Eur30/mt on the week, with producers quoting triple-
digit increases on the month in discussions with S&P Global
Commodity Insights.
However, one distributor noted that with not much PP on a
contract basis usually arriving in from the Red Sea, a lack of imports
should not have a significant impact on the European contract
price, adding that current offers being quoted were "too high."
"Spot is polluting contract prices. [It is all being] driven by
sentiment," the distributor added.
Price hikes in Europe reflected movements seen in other
regions. In Turkey, fundamentals continued to support prices of
PP as supply trailed below demand. The Red Sea crisis was the
primary reason for the reduced supply; however, the output of
PP in Saudi Arabia was also down in the month amid three plant
maintenances in the country.
Platts assessed CFR Turkey polypropylene fiber spot prices at
$1,250/mt, up $10/mt on the week.
Platts is part of S&P Global Commodity Insights.
Platts European Polypropylene Weekly Rationale
Platts assessed homo injection grade polypropylene spot
prices at Eur1,260/mt Feb. 21, down Eur40/mt on the day and up
Eur20/mt on the week, within a trader's indication of prices at
© 2024 by S&P Global Inc. All rights reserved. 21
Eur1,250-1,300/mt, a second trader's indication at Eur1,220-1,320/
mt and a distributor range of Eur1,250-1,350/mt. The assessment
was above one producer's indication of Eur1,220-1,250/mt and
below other producer's indications within a Eur1,270-1,350/mt
range while considering a producer's indication of prices being at
a Eur60-70/mt discount to copolymer spot levels.
FD Germany freely negotiated gross contract prices for homo
injection grade PP were assessed at Eur1,470/mt, up Eur30/mt on
the week and up Eur100/mt from the end of January, in line with
a distributor's indication of increases on the month of Eur100/mt
and taking direction from a producer's indication corroborating
three-digit increases on the month. The assessment was below
a producer's indication of increases of Eur130-160/mt on the
month, a producer's indications of Eur1,480-1,500/mt and a
distributor's corroboration of Eur1,480/mt while pending further
corroboration of concluded February contracts.
FD NWE copolymer PP spot price was assessed at Eur1,330/
mt, up Eur20/mt on the week, at the top of a producer's
indication at Eur1,300-1,330/my, below distributor's indications of
Eur1,350-1,430/mt and offers heard at Eur1,400/mt, considering
feedback of tight supply.
FD Germany freely negotiated gross contract prices for
copolymer grade PP were assessed at Eur1,540/mt, up Eur30/
mt on the week and up Eur100/mt from the end of January,
considering a producer's indication of prices above Eur1,510/
mt and a second producer's indication corroborating three-digit
increases on the month. The assessment was below a producer's
indications of increases on the month from Eur130-160/mt and
a producer's indication of prices at Eur1,550-1,570/mt while also
taking into consideration feedback of tight supply.
Platts is part of S&P Global Commodity Insights.
European Recycled Polypropylene: Packaging grade
demand improves on supportive virgin prices
„ Black pellet spot prices stable
„ Construction and automotive demand remains weak
The European recycled polypropylene market in the week
to Feb. 21 saw stable to mildly improving demand-supply
fundamentals, as consumption was heard improving for
packaging grades, backed by supportive virgin price movements,
according to sources.
However, darker-colored grades remained challenged by
weakness in derivative application markets.
Platts assessed recycled polypropylene black pellet spot
prices at Eur810/mt DDP Northwest Europe Feb. 21, stable on the
day and on the week.
A source mentioned that recyclers' attempts to push through
at least Eur50/mt increase in February had been quite successful
in the natural grade. However, in the black or grey grade, the
outcome was less so.
"Slightly better pricing [for natural pellets], some driven by
virgin substitution," a distributor source said.
Polymerscan February 21, 2024
Demand from the construction and automotive sectors —
two of the major applications for recycled polypropylene — saw
limited improvement week on week, according to several market
sources.
Platts is a part of S&P Global Commodity Insights.
Petchem EMEA Weekly Recycled PP Rationale
Platts assessed recycled polypropylene black pellet spot
prices at Eur810/mt DDP Northwest Europe Feb. 21, stable on
the day and on the week, in line with a recycler's indication of
stable pricing, at the bottom of a distributor's corroboration of
prices between Eur810/mt to low Eur900s/mt and in line with
a recycler's indication who placed the market's bottom range
at below Eur820/mt, considering market feedback of stable
demand-supply.
Natural pellet spot prices were assessed at Eur1,630/mt
DDP NWE, unchanged on the day and up Eur10/mt on the week,
moving toward a distributor's indication heard at Eur1,640/
mt and within a recycler's indication of Eur1,600-Eur1,800/mt,
considering the feedback of improving demand backed by virgin
substitution, pending further corroborations of higher values.
Platts is part of S&P Global Commodity Insights.
Turkish and African polypropylene: Reduced
availability lifts spot prices in Turkey
„ PP fiber up $10/mt on week
„ Long lead times for material
The Turkish polypropylene market was firm in the week to
Feb. 21, with supply remaining limited as the Red Sea crisis
prolongs.
Platts assessed CFR Turkey polypropylene fiber spot prices at
$1,250/mt, up $10/mt on the week.
Fundamentals continued to support prices of PP in Turkey
as supply trailed below demand. The Red Sea crisis was the
primary reason for the reduced supply, however, the output of
PP in Saudi Arabia was also down in the month amid three plant
maintenances in the country.
The ongoing attacks in the Red Sea by Houthi rebels
continued to disrupt container shipping, resulting in significant
lead times even for material from the Middle East. Sources said
that many of the offers in the market were for April loading and
would not arrive until May, exacerbating the supply picture of PP.
Meanwhile, the Egyptian market was upbeat with good
demand heard for homopolymer and copolymer grades. Several
deals were done, although sellers continued to prefer cash in
advance of delivery for transactions amid ongoing risks and
challenges with credit payments in the country. In West Africa,
Nigerian market players were on the sideline, as currency risk
was exacerbated by volatility in the naira, which fell to new record
lows. "The naira is in free fall, it passed 1,900 against the dollar, its
madness," a trader said.
Platts is part of S&P Global Commodity Insights.
© 2024 by S&P Global Inc. All rights reserved. 22
Platts African and Turkish Polypropylene Weekly
Rationale
Platts assessed CFR Turkey polypropylene fiber spot prices
at $1,250/mt Feb. 21, unchanged on the day and up $10/mt on
the week, at the bottom of a range of deals heard at $1,250-
$1,270/mt, considering limited prompt availability and above a
producer's indication heard at $1,220-$1,240/mt, which could not
be corroborated.
CFR Turkey PP raffia spot prices were assessed up $10/mt on
the week at $1,180/mt, in line with a producer's indication at the
same level, which was corroborated by a trader, below another
trader's indication heard at $1,210-$1,220/mt and below a deal
heard at Eur1,200/mt ($1,298/mt), which could not be corroborated.
CFR Turkey PP homo injection spot prices were assessed up
$10/mt on the week at $1,180/mt, mirroring the increase in the
raffia spot price.
CFR Turkey PP copolymer spot prices were assessed down
$20/mt on the week at $1,250/mt, at the top of a range of deals
heard at $1,240-$1,250/mt and below a producer's indication
heard at $1,280/mt.
CFR West Africa PP raffia spot prices were assessed down
$20/mt on the week at $1,120/mt, below offers heard at $1,130-
$1,150/mt.
CFR West Africa PP homo injection spot prices were assessed
down $20/mt on the week at $1,120/mt, moving toward a trader's
indication heard at $1,100/mt, pending corroboration of lower levels.
CFR West Africa PP copolymer spot prices were assessed
up $30/mt on the week at $1,230/mt, weighing a deal heard at
$1,300/mt against a trader's indication at $1,150/mt, pending
corroboration of higher levels.
CFR North Africa PP raffia spot prices were assessed
unchanged on the week at $1,130/mt, at the bottom of a
producer's indication heard at $1,130-$1,160/mt.
CFR North Africa PP homopolymer spot prices were assessed
unchanged on the week at $1,130/mt, mirroring the stability in the
PP raffia grade price.
CFR North Africa PP copolymer spot prices were assessed
unchanged on the week at $1,230/mt, maintaining a stable
premium to the PP raffia price, within a producer's indication at
$1,220-$1,240/mt and below a deal heard at $1,290/mt, pending
corroboration of higher levels.
Platts is part of S&P Global Commodity Insights.
Middle Eastern Polypropylene: Domestic
converter material restocking solidifies demand
„ Local demand boosted by converters restocking
before Ramadan
„ Multiple plant closures for maintenance further tighten markets
The Saudi Arabian market was stable in the week to Feb.
21 amid increased domestic demand by converters to restock
material, as well as further tightening of supplies from several
plant shutdowns.
Polymerscan February 21, 2024
Platts assessed the FOB Saudi Arabia PP Raffia spot price
at $990/mt Feb. 21, unchanged on the day and on the week, at
the bottom of producer indications heard at $990-$1,010/mt,
considering feedback of healthy export demand.
Supplies in the region remained limited as Sipchem's
polypropylene plant, which has an annual production capacity
of 200,000 mt, went offline. The maintenance commenced on
Feb. 14 and is expected to last three weeks. This is in addition
to the polypropylene plant of Al Waha Petrochemical Company,
which boasts an annual production capacity of 450,000 mt,
and had maintenance begin in early February and is expected
to last for 3 to 4 weeks. Moreover, the polypropylene plant
of Advanced Petrochemicals, having an annual production
capacity of 450,000 mt, shut down for maintenance work during
the first week of February and is expected to last 22 days. All
the mentioned polypropylene plants are located in Al Jubail,
Saudi Arabia.
Due to 1.1 million mt of annual polypropylene production
capacity going offline, supplies continued to tighten throughout
February, while both local demand as well as demand in the main
export destinations, such as Turkey, increased. "Demand is very
good at the moment, all converters are restocking material for
Ramadan, we knew prices would increase in February and we
waited," a producer said.
In addition, a quota previously implemented by Saudi
Arabia's Ministry of Energy (MoE), which dictated that the price
of domestically sold polypropylene Raffia at $890/mt, has
been increased to $912/mt in February, which remains to be a
competitive price aimed at supporting domestic converters. This
quota is not only regarding the price at which the polypropylene
is sold but also concerning the quantity that is sold. Producers
are required to meet a minimum annual sales quota set by the
MoE, which is prorated on a monthly basis.
Producers continue to be subjected to higher transport costs
resulting from the ongoing Red Sea disruptions and higher fuel
costs in 2024. The DDP GCC spot price was assessed at $1,035/
mt, unchanged on the day and on the week, above a producer
indication heard at $1,020-$1,030/mt and below a second
indication heard from another producer at $1,040-1,050/mt.
Platts is part of S&P Global Commodity Insights.
US PP: Export prices soften on week
„ PGP feedstock costs climb into mid-50s cents/lb
„ LyondellBasell revises February North American price hike
US spot export polypropylene levels fell $44 on the week on
Feb. 21, as market feedback indicated continually soft demand
for US-origin resin and domestic feedstock costs continued
to climb.
A distributor source said PP is "impossible to export,"
given elevated polymer-grade propylene costs. February spot
PGP levels rose 1 cent on the week to 55 cents/lb FD USG
© 2024 by S&P Global Inc. All rights reserved. 23
on Feb. 21, hitting a roughly 11-month high. Prices were last
higher on March 29, 2023, according to S&P Global Commodity
Insights data.
However, while high PGP costs have resulted in very thin spot
export activity, sources said Feb. 21 that homopolymer-grade
PP buyers in key export outlets like Mexico and Latin America
would be willing to transact at rail car levels of 42.50-45 cents/
lb, considering freight and packaging costs. Platts assessed
the homopolymer grade 2 cents/lb ($44/mt) lower, within the
indicated range.
Offer indications for homopolymer PP were heard starting at
59 cents/lb on a rail car basis during the week ended Feb. 21. PP
makers have mainly focused on domestic sales since the fourth
quarter of 2023, when propylene prices first rose more than 40
cents/lb, as rising production costs have made exports largely
unworkable on a spot basis.
"Everybody's running out of options in the US," a second
source said.
Asian-origin PP resin, which consistently maintains a $200/
mt or higher discount to US-origin PP, has been fulfilling the
needs of Mexico-based and Latin America-based buyers,
according to a third source. While many global trade routes have
been compromised amid the Panama Canal, Red Sea and Suez
Canal conflicts, the Pacific Ocean routes are an exception, the
source added.
In other news, LyondellBasell and its subsidiaries have
amended the previously announced February price increase on
North American polypropylene, according to a letter to customers
seen on Feb. 20 by S&P Global.
The company revised its 4-cent/lb increase effective Feb.
1 to a 3-cent hike effective March 1, according to the Feb. 19
letter. The increase is in addition to any change in polymer-grade
propylene pricing between February and March, the letter said.
Platts is part of S&P Global Commodity Insights.
Platts US PP Weekly Rationale
Platts assessed spot export homopolymer polypropylene
prices at 43 cents/lb rail car basis ($1,047/mt FAS Houston) Feb.
21, down $44/mt on the day and week. The assessment fell within
a notionally indicated rail car price range of 42.5-45 cents/lb
($1,036-$1,091/mt FAS Houston) amid low demand for US-origin
exports.
Platts assessed spot export copolymer PP prices at 45 cents/
lb rail car basis ($1,091/mt FAS Houston), $44/mt lower on the
week, tracking the downward movement in the homopolymer PP
market.
The FAS assessment includes 4.50 cents/lb to account for the
fees associated with packaging and transport to ports.
Platts assessed domestic contract PP prices at 75.50 cents/
lb for homopolymer grade and 77.50 cents/lb for copolymer
grade Feb. 21, unchanged from the prior week, amid no disproving
indications.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Asian PP: Southeast Asia stays firm;
South Asia softens on lower domestic prices
„ Local China prices rise after Lunar New Year holidays
„ Indian buyers continue to resist higher import offers
Asian polypropylene prices were mixed week on week Feb. 21
as gains in the local Chinese and CFR Southeast Asia markets
were in contrast with softening South Asia prices.
In China, domestic prices experienced a post-holiday lift at the
beginning of the week, as the producers raised their offer levels
on the back of an improved futures market. Producer inventories
were heard to be well-balanced, with the country's average PP
production levels currently at around 75%-78%, sources said.
However, the strength of post-holiday demand remains uncertain
as downstream participants are yet to be back in force.
Monomer production rates for the country's propane
dehydrogenation plants were heard at between 65%-70%,
according to market sources. PDH plant production rates will be
closely monitored in the coming weeks, while feedstock propane
prices are expected to soften as the market moves out of the
winter, according to some market sources. China-origin cargoes
remain relatively competitive in other Asian markets, with FOB
China offers heard in the range of $960-$980/mt this week.
In plant news, South Korea's SK Advanced is set to run its
600,000 mt/year PDH plant in Ulsan at full capacity by early
March, S&P Global Commodity Insights reported Feb. 20. The
plant had resumed operations on Feb. 7 after undergoing a
planned maintenance in Q4 2023.
In Southeast Asia, prices continued to see support on
heightened FOB China offer prices, while overall export supplies
are relatively thin, with South Korean- and Middle East-origin
cargoes remaining sparse. Regional domestic prices were heard
to be firm on some post-holiday restocking, but CFR basis deals
were scant. Market sources noted that regional buyers are not
in a hurry to procure due to healthy inventory levels, particularly
in Indonesia where concerns over impending import quotas have
ballooned buyer inventories.
"Despite local prices being a little more expensive, local stocks
are preferred because most end-users are still monitoring the
trend in China, so they are only buying in small quantities now,"
one Vietnam-based source said.
Market sources continue to monitor the near-term
demand situation as observers in Indonesia see little signs of
a pre-Ramadan demand increase. In Vietnam, some market
participants are cautiously optimistic that procurement activities
would pick up leading up to holidays in that start in late April.
In South Asia, polypropylene raffia grade prices fell $11/mt
to close at $999/mt Feb. 21, down from $1,010/mt Feb. 14, S&P
Global data showed.
Indian sources indicated that ample supplies of domestic PP
at competitive prices compared with import offers were the main
reason for the drop in prices.
"Domestic prices have been further cut down as few domestic
© 2024 by S&P Global Inc. All rights reserved. 24
sellers started to do so in order to woo the buyers, leaving no
choice for other domestic players but to lower their offers," an
Indian PP producer said.
A Middle East PP seller to India said: "Indian prices have been
weak and healthy domestic supplies have made it easier for
buyers to buy locally than go for imports."
"Though the prices are down in India but for us we are getting
better margins in other regions, therefore we do not feel any
pressure to lower offers significantly."
Platts is part of S&P Global Commodity Insights.
Platts Asian PP Weekly Rationale
Platts assessed CFR Far East Asia raffia/injection grade $5/
mt lower day on day at $870/mt Feb. 21, in line with tradable
indications heard within $860-$870/mt. The assessment is also
unchanged on the week.
Platts assessed Chinese domestic raffia grade PP unchanged
on the day at Yuan 7,375/mt, on tradable indications heard at
Yuan 7350-7400/mt. The assessment is up Yuan 75/mt on the
week.
Platts assessed CFR FE Asia IPP film grade unchanged from
the last assessment at $880/mt, in line with a tradable indication
heard at $875-$880/mt and maintaining the spread to raffia
grade.
Platts assessed CFR FE Asia BOPP grade unchanged from the
last assessment at $880/mt, in line with a tradable indication
heard at $875-$880/mt and maintaining the spread to raffia
grade.
Platts assessed CFR FE Asia block COPOL unchanged from
the last assessment at $905/mt, in line with a tradable indication
heard at $900-$905/mt and maintaining the spread to raffia grade.
Platts assessed raffia/injection grade PP up $10/mt from the
last assessment at $970/mt CFR Southeast Asia, in line with
deals done heard at $970/mt and below offers heard around
$980-$1,090/mt. The assessment was also in line with tradable
indications heard within $965-$990/mt.
Platts assessed IPP film grade PP up $10/mt from the last
assessment at $990/mt CFR SE Asia, tracking price changes in
raffia grade amid thin trade indications.
Platts assessed CFR SE Asia BOPP grade up $10/mt from the
last assessment at $990/mt, below an offer heard at $1,060/mt
and tracking changes in raffia grade.
Platts assessed copolymer grade PP up $10/mt at $1,000/
mt CFR SE Asia, below an offer heard at $1,090/mt and tracking
changes in raffia grade. An offer heard at $995/mt was not fully
considered as it was not deemed representative of the broader
market by market participants.
Platts assessed raffia/injection grade down $11/mt from
the last assessment at $999/mt CFR South Asia, below the
offer heard at $1,000/mt and above buy indications heard at
$960-$980/mt. The assessment was also in line with tradable
indications heard at $980-$1,040/mt. An offer heard at $960/mt
was not considered as it was not deemed representative of the
broader market.
Polymerscan February 21, 2024
PP Raffia offers in Pakistan were heard at $1,045-$1,090/mt.
Platts assessed film grade PP down $11/mt from the last
assessment at $1,024/mt CFR South Asia, following the tradable
indications heard $20-$25/mt over the raffia grade.
Platts assessed CFR South Asia BOPP grade at $1,014/mt, down
$11/mt from the last assessment, above a buy indication heard
at $980/mt and between tradable indications heard $10-$25/mt
above raffia grade, and above a tradable level heard at $990/mt
from a buyer. An offer heard at $1,000/mt was not considered as it
was not deemed representative of the broader market.
Platts assessed copolymer grade PP at $1,034/mt CFR South
Asia, down $11/mt from the last assessment, in line with tradable
indications heard $20-$40/mt above raffia grade and below the
tradable levels heard from the seller at $1,040-$1,050/mt.
Platts is part of S&P Global Commodity Insights.
Latin American PP: Prices stable in
WCSA and Mercosur, rise in Brazil
„ Mercosur and WCSA prices stable for both grades
„ Supply to region seen affected
Latin American polypropylene prices were flat from the
previous assessment in the West Coast of South America and the
Mercosur region for homopolymer and copolymer grades in the
week to Feb. 21., while in Brazil, they rose for both the grades over
the same period.
West Coast of South America
Along the West Coast South America, prices were flat for
the homopolymer and copolymer grades. Products were heard
available for delivery in Chile, Colombia, Ecuador and Peru.
Platts assessed spot homopolymer flat from Feb. 7 at $1,150/
mt on Feb. 21, based on most repeatable levels at $1,150/mt and
discussions of slightly higher prices pushed by Asian FOB levels
and logistics; Asia is the main supplier for the WCSA region. Offers
were heard in the range of $1,180-$1,225/mt. However, lower levels
were heard for the end of April and May shipping.
"Demand in Latin America has improved but it's still slow,
except for Brazil, which has been very active," a Colombian player
said. According to the source, there were increases in freight
rates but no delays in logistics from Asia.
"PP prices from Asia are increasing, freight has increased a lot,
and this should be reflected on the prices," a local trader said.
A second trader said there are currently no offers from the
Middle East and North America.
An Asian trader said PP homo CFR WCSA levels from China
would be around $1,100/mt, but added that the Chinese market
hasn't picked up yet after the Lunar New Year festivities.
Platts assessed copolymer-grade PP at $1,175/mt Feb. 21, flat
from Feb. 7.
An Asian producer shared prices of copolymer grade at
around $1,150-$1,180/mt levels. "Market is very quiet. Strange, as
Latin America should be peak season now," the source said.
A US trader said PP prices from Canada would be $1,200/mt
© 2024 by S&P Global Inc. All rights reserved. 25
for homopolymer and $1,270/mt for copolymer. "FOB China is
$980/mt for copolymer, so it's doable," the source said.
According to Platts data Feb. 21, from North Asia to the WCSA,
the freight rate was at $80/mt, or $2,000/container, while for
Brazil it stood at $1,900/container, or $76/mt. From the USGC to
Brazil, the rate stood at around $36/mt, or $900/container, the
data showed. According to market feedback, freight from the
USGC to the WCSA was at $30-$50/mt.
Brazil
CFR homopolymer and copolymer grades of polypropylene in
Brazil increased $50/mt on the week following Carnival festivities.
Asian and Middle East products remained more competitive
than American imports. According to a source, freight logistics
were stable.
In the week to Feb. 21, Brazil reapplied a 10.6% antidumping duty
on US imports for homopolymer and copolymer grades. Several
market participants said the new tax should not change market
dynamics, as most imports come from Asian and Arabian countries.
"What can be impacted is the freight . . . from Asia due to the
logistics problems at the Red Sea," a market source said.
Meanwhile, other participants noted that the US was not a
main supplier of PP products to Brazil, with another source saying
that "Only around 5% of the imports came from the US last year."
In the domestic market, prices remained stable, following local
producer Braskem's price policy for February. Market participants
said that new increases might be established for March after a
rise in them at the beginning of the month.
Brazilian domestic PP prices, which Platts does not assess,
were discussed at Real 9,050/mt delivered São Pauloo for
homopolymer grade and Real 9,350/mt delivered São Paulo for
copolymer grade.
Mercosur
Platts assessed both the homopolymer and copolymer grades
of PP stable from Feb. 7 at $1,175/mt CFR Mercosur and $1,200/
mt, respectively, Feb. 21.
Prices have not reached their maximum, and the Mercosur
market expects higher prices in the coming weeks, sources said.
Although market participants were expecting increased prices for
the US-origin product, Asian product prices were expected to be
stable in the coming weeks, mainly as some producers there have
not yet restarted activities this month.
However, market sources said that there were traders in the
market with their product in the Mercosur, although their pricing
had no correlation with the current FAS Houston pricing. One
source said that "they are quoting much higher prices, maybe
driven by their cost of storage, and are selling and speculating
the current market value for prompt delivery."
A second source said the supply chain is stocked due to lower
prices during December and January, and this will make it even
more difficult to sell at higher prices in the coming months. The
source added that "one signal when prices have reached their
maximum will be traders trying to sell all their material."
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Platts Latin American PP Weekly Rationale
CFR WCSA: Platts assessed spot homopolymer-grade
polypropylene prices at $1,150/mt Feb. 21, flat compared to Feb.
7, based on most repeatable levels at $1,150/mt, within tradable
levels of $1,030/mt to $1,236/mt, below offers heard $1,180/mt
and $1,225/mt. The copolymer-grade PP was assessed at $1,175/
mt, flat compared to Feb. 7, within prices heard at $1,150/mt and
$1,307/mt, maintaining the same market structure.
CFR Brazil: Platts assessed spot homopolymer polypropylene
pricing at $1,200/mt Feb. 21, up $50/mt from Feb. 7, above a price
corroboration at $1,160/mt and within indications varying from
$1130/mt to $1270/mt, amid talks of higher prices on the week.
Copolymer grade was assessed at $1,250/mt Feb. 21, up $50/mt
from Feb. 7, above a price corroboration at $1,210/mt and within
indications varying from $1,200/mt to $1,310/mt, amid talks of higher
prices on the week. CFR Mercosur: Platts assessed polypropylene
pricing for homopolymer at $1,175/mt CFR Mercosur Feb.21, stable
from Feb. 7. The assessment is below one range of offers heard
from one trader at $1,180-$1,200/mt, and below second offer heard
from a second trader at $1,470/mt. Spot copolymer-grade PP was
assessed at $1,200/mt, stable from Feb. 7. The assessment is below
one offer heard from one trader at $1,560/mt, pending further
corroboration of higher offers. The assessment was based on
indications of imported material from Paraguay and Uruguay.
Platts is part of S&P Global Commodity Insights.
Polystyrene
European Polystyrene: Market activity
rises on increased styrene spot prices
„ Styrene spot prices rise over Eur250/mt since early Feb
„ Spot markets remain stable
The European polystyrene prices were steady in the week
ended Feb. 21, however, market activity was seen to have
increased on rising styrene monomer spot prices, sources said.
The styrene spot has risen over Eur250/mt since the start
of February, leading to the consumers securing polystyrene
contracts prior to the settlement of the monomer contract price
at the month's end. "Styrene monomer has heavily influenced
how customers are approaching (the) buying (of) polystyrene," a
source said. Many producers were heard to be increasing their
production rates to match this increased buying activity.
GPPS contracts were indicated to be settling in the range of
Eur190-210/mt above January prices.
A distributor said that the market was quite dynamic in the
past few weeks with varied sentiments from the buyers. However,
many consumers believed that the styrene price increase was
short-lived and chose to not purchase contracts.
The EPS market also witnessed a similar situation due to
the effects of the monomer. A converter highlighted the shift
in consumption trends of packaging grade EPS due to the shift
toward cardboard packaging. The shift of the packaging industry
© 2024 by S&P Global Inc. All rights reserved. 26
toward flexible cardboard packaging has been affecting the
demand for EPS packaging.
Platts is part of S&P Global Commodity Insights.
Platts European Polystyrene Weekly Rationale
Platts assessed general purpose polystyrene spot price at
Eur1,700/mt FD NWE on Feb. 21, steady on the week, reflecting
feedback from a converter and a distributor of stable spot prices,
pending further market feedback.
The high-impact polystyrene spot price was assessed at
Eur1,800/mt FD NWE, steady on the week, maintaining a stable
premium to the GPPS grade, pending further market feedback.
The expandable polystyrene spot price was assessed at
Eur1,850/mt FD NWE, steady on the week, at the upper end of
a producer's indication of spot prices being Eur200/mt below
contract prices, which were indicated at Eur1,985-2,050/mt from
the same producer, pending further market feedback.
Platts assessed the freely negotiated GPPS net contract price at
Eur1,745/mt, steady on the week and up Eur100/mt on the month,
above a distributor's indication of Eur1,720/mt and a converter's
indication at high Eur1,600s/mt, pending further market feedback.
The HIPS net contract price was assessed at Eur1,845/mt,
steady on the week and up Eur90/mt on the month, above a
converter's indication of contracts being in the high Eur1700s/
mt, while reflecting a producer, a converter and a distributor's
indication of a Eur100/mt premium on GPPS, pending further
market feedback.
The EPS net contract price was assessed at Eur2,200/mt,
steady on the week and up Eur65/mt on the month, weighing
a producer's indication of Eur1,985-2,050/mt and a converter's
indication of Eur2,150/mt against feedback of price increases of
Eur100-200/mt from January heard throughout the month.
Platts is part of S&P Global Commodity Insights
European Recycled Polystyrene: Limited demand
improvement, Eur10 increase in spot
„ Spot still near historical low level
„ Virgin polystyrene's relative price strength
The European recycled polystyrene market remained
unbalanced between demand and supply in the week to Feb. 21,
as offer levels near historical lows were still heard.
Despite persisting demand weakness, spot prices were heard
to have improved marginally on the month.
Platts assessed recycled polystyrene black pellets at Eur810/mt
DDP Northwest Europe Feb. 21, steady on the day and up Eur10 on
the week. The assessed level remained near to the lowest level of
Eur800/mt since the price assessment was launched in April 2023.
"Demand is still quite weak," a recycler said.
In the virgin polystyrene market, however, a sharp price
uptrend has been observed in February, backed by more limited
availability from Asia-Pacific sea imports, which drove demand to
increase their reliance on domestic products.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Platts European Recycled Polystyrene Weekly Rationale
Platts assessed recycled polystyrene black pellets at Eur810/
mt DDP Northwest Europe Feb. 21, steady on the day and up
Eur10/mt on the week, in line with a recycler's indication who
placed the monthly increase at Eur5-10/mt, moving toward a
second indication from the same recycler heard at Eur820-
Eur850/mt and a distributor's corroboration of Eur820/mt, and
considering market feedback of limited improvement in demand.
R-PS grey pellets were assessed at Eur1,030/mt DDP NWE,
unchanged on the day and up Eur10/mt on the week, in line with
a recycler's indication of Eur220/mt premium over black grade,
maintaining a stable structure between black and grey pellets.
Platts is part of S&P Global Commodity Insights.
Turkish and African Polystyrene: Firm pricing
as upstream costs continue to tick up
„ Turkish prices rise $10/mt
„ Buyers show prompt appetite
The Turkish polystyrene market climbed in the week to Feb.
21, helped by healthy prompt buying interest as feedstock prices
climbed in Europe.
Platts assessed the CFR Turkey general purpose polystyrene
spot price up $10/mt on the week at $1,480/mt.
Upwards momentum continued for PS in Turkey. The availability
of material remained reduced in comparison to before the Red Sea
crisis, with imports of material from Asia now delayed and also less
competitive as a result of higher freight costs.
Sellers said that demand was healthy as they received
several enquiries for spot volumes. Some transactions were
attributed to prebuying as some players were tracking the
higher monomer styrene costs. Meanwhile some producers were
cautious of impacts to margins as a result of bullish styrene. "We
are not announcing prices until the feedstock contract price is
determined," one producer said.
European styrene monomer spot prices have increased 20%
since the start of the month, Platts data showed.
Platts is part of S&P Global Commodity Insights.
Platts African and Turkish Polystyrene Weekly Rationale
Platts assessed the CFR Turkey general purpose polystyrene
spot price up $10/mt on the week at $1,480/mt Feb. 21,
considering feedback of less supply, a FOB Egypt offer heard at
$1,435/mt and firm freight costs, pending fresh CFR indications.
The CFR Turkey high-impact polystyrene spot price was
assessed up $10/mt on the week at $1,550/mt, maintaining a
stable premium to the GPPS prices.
The CFR Turkey expandable polystyrene spot price was
assessed up $10/mt on the week at $1,730/mt, tracking the
increase in other polystyrene grades.
The CFR North Africa GPPS spot price was assessed up $10/
mt on the week at $1,490/mt, taking direction from an ex-works
Egypt producer's indication heard at $1,495/mt.
© 2024 by S&P Global Inc. All rights reserved. 27
The CFR North Africa HIPS price was assessed up $10/mt
on the week at $1,550/mt, maintaining a steady premium to the
GPPS price.
Platts is part of S&P Global Commodity Insights.
US PS: Spot price down
amid lower upstream demand
„ Spot PS prices down after three-month highs
„ US benzene market decreased 3%
US spot export polystyrene prices down in the week ended
Feb. 21 after three-month highs, amid upstream softer demand
and easing supply concerns.
Although more interest was turning to polystyrene
demand this week, little activity was heard in the spot export
polystyrene market.
Upstream, Platts assessed spot front-month DDP benzene
prices at 408 cents/gal DDP USG on Feb. 20.
After continuous steep inclines in prices and reaching an
18-month high on Feb. 12, the US benzene market decreased 3%
on Feb. 20.
Sources say decreased demand and US styrene capacity
currently offline was contributing to lower benzene prices.
Platts is part of S&P Global Commodity Insights.
Platts US PS Weekly Rationale
Platts assessed spot export general purpose polystyrene
prices at $1,807/mt FAS Houston Feb. 21, down $44/mt on the
week, taking direction from lower feedstock benzene spot pricing
on the week to Feb. 20.
Spot export high impact PS prices at $1,967/mt FAS Houston,
down $44/mt on the week, taking direction from lower feedstock
benzene spot pricing on the week to Feb. 20.
Domestic GPPS and HIPS prices were assessed at 93 cents/lb
and 103 cents/lb, respectively, both down 2 cents/lb on the week,
mirroring the movement in the spot export market.
Platts is part of S&P Global Commodity Insights.
Asian Polystyrene: Prices rise
amid increased upstream costs
„ Upstream SM prices up $2/mt on week
„ Ample supply in China
Platts assessed GPPS CFR China at $1,220/mt and HIPS CFR
China at $1,270/mt, up $20/mt week on week, amid strengthening
prices in upstream markets.
The upstream Platts-assessed CFR China styrene monomer
and FOB Korea markers were at $1,127/mt and $1,102/mt Feb. 21,
respectively, both up $2/mt from the previous week.
While the increase in upstream SM was marginally higher
week on week, market participants have talked of higher offers
ranging above $20/mt after the Lunar New Year holidays.
Polymerscan February 21, 2024
Prices were mostly boosted due to an increase in upstream
SM compared to before the holidays.
Furthermore, there was talk of further potential SM supply
disruptions as some units in east China were heard to have
stopped production, sources said, however, this could not be
verified.
While some participants have raised offer levels due to
increased upstream costs, there were some that chose to
maintain or reduce their price discussion levels.
"The demand for Asia PS has been really bad, so although
upstream prices may have increased compared to the holidays,
it is difficult for the market to accept the increase in price," a
market source said.
Platts is part of S&P Global Commodity Insights.
Platts Asian PS Weekly Rationale
Platts assessed GPPS CFR China up $20/mt week on week at
$1,220/mt on Feb. 21, below offers heard in the $1,250-$1,300/mt
range from producers.
Platts assessed GPPS CFR Southeast Asia up $20/mt week
on week at $1,220/mt, below offers heard in the $1,250-$1,310/mt
range from producers and a trader.
Platts assessed HIPS CFR China up $20/mt week on week Feb.
21 at $1,270/mt, below offers heard from producers in the $1,330-
$1,370/mt range.
Platts assessed HIPS CFR Southeast Asia up $20/mt on the
week at $1,270/mt, below offers heard in the $1,330-$1,350/mt
range from producers and a trader.
Platts assessed EPS general grade up $25/mt on the week
at $1,230/mt FOB Northeast Asia, below an offer heard in the
$1,360-$1,380/mt from a producer.
The fire-retardant grade of EPS was up $25/mt on the week
at $1,330/mt FOB Northeast Asia, reflecting a spread of $100/mt
against EPS GP based on a tradeable indication.
An increase in upstream costs was considered in the
assessment.
Platts is part of S&P Global Commodity Insights.
Acrylonitrile Butadiene Styrene
European ABS: Feedstock cost heard increasing
„ Europe heard supplying ABS to Turkey
„ Recycled ABS market conditions heard tight
The feedstock cost for the European ABS market was heard to
be increasing in the week ended Feb. 21, while Europe was heard
to be supplying the Turkish market amid restricted imports from
Asia, sources said.
"ABS market is tightening due to the delay of Asian imports
and the extra freight costs they are suffering," a source said.
"Asian material is less attractive after this cost increase,"
the source added. The Asian material was still present in the
European market in stocks, according to another source.
© 2024 by S&P Global Inc. All rights reserved. 28
The feedstock costs were higher amid production issues on
styrene monomer, according to a market player. Meanwhile, the
European industry-settled butadiene contract price for March
settled at Eur870/mt ($940/mt), up Eur75/mt from February,
according to S&P Global data.
The Turkish ABS market was heard to be supplied by Europe
amid restrictions in supply from Asia, the source said. "Europe is
servicing Turkey for both styrene and ABS," the source said.
The recycled ABS market was also heard to be tight amid
decreased imports from Asia, the trader said.
Platts is part of S&P Global Commodity Insights.
Platts European ABS Weekly Rationale
Platts assessed FD NWE acrylonitrile-butadiene-styrene spot
prices steady on the week at Eur1,850/mt on Feb. 21, in line with
a trader's indicative value and below a producer's indicated value
heard at Eur2,050/mt and above, pending further corroboration
of higher values from the market.
FD Germany freely negotiated general purpose ABS gross
contract prices were assessed up Eur50/mt on the week
and Eur75/mt from the end of January at Eur1,900/mt, taking
direction from an indication of an increase at Eur120-130/
mt heard from a producer, below an indicative range heard at
Eur2,150-2,300/mt from the same producer, considering higher
feedstock costs for February and pending confirmation of
outright settlement levels from the other participants.
CFR NWE spot prices were assessed up $30/mt on the week
at $1,780/mt, taking direction from a trader's indicative value
heard at Eur1,650/mt ($1,784.48/mt).
Platts is part of S&P Global Commodity Insights.
US Spot ABS up amid higher styrene
and butadiene prices
„ ABS up 7 cents/lb at 86 cents/lb
„ Spot styrene up 6.8 cents/lb at 63.5 cents/lb while spot
butadiene up at 33 cents/lb
Platts assessed US acrylonitrile-butadiene-styrene at 86
cents/lb delivered rail car basis on Feb. 21, up 7 cents on the
week, mirroring the increase in upstream styrene spot pricing
over the week to Feb. 20.
In related markets, spot styrene prices were last assessed
Feb. 20 at 63.5 cents/lb, up 6.8 cents/lb from 56.69 cents/lb on
Feb. 13, Platts data showed.
Platts assessed US spot butadiene at 33 cents/lb CIF USG
Feb. 16, up 0.2 cent/lb on the week.
Platts is part of S&P Global Commodity Insights.
Platts US ABS Weekly Rationale
Platts assessed US acrylonitrile -butadiene -styrene at 86
cents/lb delivered rail car basis on Feb. 21, up 7 cents on the
week, mirroring the increase in upstream styrene spot pricing
over the week to Feb. 20.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Asian ABS: Prices rise
amid increased upstream costs
„ Upstream SM price up $2/mt on week
„ Upstream butadiene price up $10/mt on week
Asian acrylonitrile-butadiene-styrene (ABS) prices were
heard to be have increased in the week to Feb. 21, amid a rise in
upstream prices.
Platts assessed the ABS CFR China and CFR Southeast Asia
markers up $20/mt week on week at $1,320/mt Feb. 21.
In the upstream, Platts assessed CFR China styrene monomer
and FOB Korea markers at $1,127/mt and $1,102/mt Feb. 21, both
up $2 from the previous week.
While the increase in upstream SM was marginally higher
week-on-week, market participants have voiced out increased
offers ranging as high as $60/mt above offers heard before the
Lunar New Year holidays.
Aside from SM, in the upstream, Platts assessed butadiene
CFR China up $10/mt on the week at $1,210/mt Feb. 21, while the
Platts assessed Acrylonitrile CFR Far East Asia up $5/mt on the
week at $1,240/mt Feb. 20.
Asian butadiene was heard to have increased as healthy
demand returned after the Lunar New Year holidays, with the CFR
Northeast Asia jumping to $1,240/mt, the highest since July 2022.
Generally, demand for Asian ABS was heard to have remained
relatively stable, but prices were adjusted due to the increase in
upstream costs.
"Upstream prices have been very volatile in recent days. It
is difficult to work on a particular price, because the market is
not able to accept such large changes in prices. I will have to do
some calculations on my costs and consider the market demand
before an offer can be put out," a market source said.
Platts is part of S&P Global Commodity Insights.
Platts Asian ABS Weekly rationale
Platts assessed the Asian acrylonitrile-butadiene-styrene
(ABS) CFR China marker up $20/mt week on week at $1,320/mt
Feb. 21, below an offer heard at $1,400/mt from a producer.
Platts assessed the CFR Southeast Asia marker up $20/mt
week on week at $1,320/mt, below an offer heard at $1,400/mt
from a producer. The increase in upstream costs was considered
in the assessment.
Platts is part of S&P Global Commodity Insights.
Polyethylene Terephthalate
European PET: Spot demand improves slightly
„ Market continues to see impact from Red Sea crisis
„ UK virgin PET market remains quiet
The European polyethylene terephthalate spot market saw
some signs of demand recovery in the week to Feb. 21, market
© 2024 by S&P Global Inc. All rights reserved. 29
participants said.
"Demand is alright," a trader said. "A few more customers are
accepting the slightly higher prices. Some of them have finally
accepted the price and are forced to buy," the trader added.
"Demand is a little bit better," a producer said. "The market
prices are going up because of costs and demand," the
producer added.
Market players continued to be subjected to increased
shipment costs and freight times due to the ongoing Red Sea
crisis, with limited import volumes arriving. One source saw a
delay of two to three months for some deliveries.
Meanwhile, in the UK, appetite for virgin PET material was
heard to be subdued, while sufficient material was available.
"It's quiet [in the UK]. It's just a lack of demand but product is
still available on the market," a source said.
Platts is part of S&P Global Commodity Insights.
Platts European PET Weekly Rationale
Platts assessed the polyethylene terephthalate Northwest
Europe three- to 30-day forward free delivered spot price at
Eur1,170/mt Feb. 21, up Eur20/mt on the week, at the bottom of an
indicated range at Eur1,170-1,210/mt heard from a trader, moving
higher within an indicated range heard at Eur1,150-1,200/mt from
a producer and a recycler, and above an indication heard at
above Eur1,100/mt from a distributor.
The FD UK spot price was assessed at GBP1,005/mt, stable on
the week, below an offer heard at GBP1,010/mt from a trader.
FD Northwest Europe net contract prices were assessed
stable on the week and from the end of January at Eur1,150/
mt, above an indicated range heard at Eur1,070-1,120/mt from a
converter.
FD UK net contract prices were assessed steady on the week
and from the end of January at GBP1,000/mt, pending fresh
indications and considering stability in pricing in Northwest
Europe.
Platts is part of S&P Global Commodity Insights.
European R-PET: Lack of availability
plagues R-PET market
„ Recycled PET pellets climb amid tightness
„ Clear flake prices leap on lack of product
The European recycled polyethylene terephthalate spot
market saw continued poor availability in the food grade pellet,
clear flake and post consumer bottle bale markets in the week to
Feb. 21.
Market participants said there was continued tightness as
well as climbing demand in the clear flake spot market, with
consumers looking to secure any material possible. There were
limited offers seen during the week, with producers having
already consigned product to consumers.
The recycled PET pellets market saw similar uptrend, with
regular demand seen throughout the week, as well as demand
from some virgin players seeking material.
Polymerscan February 21, 2024
The post consumer bottle bale market is also seeing
continued limited availability, as more consumers enter in search
of material to feed their downstream needs.
The mixed flake spot market was stable with downstream
appetite from the construction sector heard to be flat on
the week.
The light blue flakes market in Iberia saw pricing pressure
from thin product availability, with market participants indicating
that prices for light blue flakes in Spain had surpassed clear flake
prices in Northwest Europe. Typically, there is a Eur50-100/mt
discount for light blue flake in Spain below Northwest European
clear flake, sources said.
Green flakes in Germany saw an uptick in demand, as
participants from the mixed flake segment showed preference
for green flake material over mixed flake.
Platts European Recycled PET Weekly Rationale
Platts assessed the recycled polyethylene terephthalate
free delivered Northwest Europe food grade pellet spot price at
Eur1,450/mt Feb. 21, up Eur50/mt on the day and Eur100/mt on
the week, at the bottom of a range of indicated value heard at
Eur1,450-1,460/mt from a trader, within a range of indicated value
heard at Eur1,400-1,500/mt from a distributor, below an indication
heard at Eur1,500/mt from a producer and a recycler, weighing an
indication heard at Eur1,400/mt from a recycler against feedback
of market tightness.
FD UK R-PET food-grade pellet spot prices were assessed
at GBP1,250/mt, stable on the day and up GBP30/mt on the
week, partially tracking upward pricing moves in the North West
European pellet market.
FD NWE Clear flake spot prices were assessed at Eur1,050/
mt, steady on the day and up Eur50/mt on the week, in line with
an indication heard from a recycler, at the bottom of an indicated
range heard at Eur1,050-1,100/mt from a trader and a producer,
at the top of a range of indicated value heard at Eur995-1,050/mt
from a distributor, weighing an indication heard from a recycler
at Eur1,100/mt against an indication heard at Eur1,000/mt from a
converter, amid feedback of reduced availability and increasing
demand.
FD UK R-PET clear flake spot prices were assessed at
GBP850/mt, up GBP50/mt on the day and GBP100/mt on the
week, moving toward an indication heard at GBP895/mt from
a distributor, above an indicated range heard at GBP750-800/
mt from a converter, partially tracking upward pricing moves in
the North West European clear flake market, amid feedback of a
tightening market.
FD NWE mixed-colored flakes were assessed at Eur700/mt,
stable on the day and on the week, in line with an indication from a
recycler, at the bottom of an indicated range heard at Eur700-750/
mt from a trader, amid feedback of stable pricing fundamentals.
FD UK mixed colored flakes were assessed at GBP650/mt,
unchanged on the day and on the week, amid no disproving
indications.
© 2024 by S&P Global Inc. All rights reserved. 30
FD NWE post-consumer bottle bales were assessed at
Eur550/mt, stable on the day and up Eur50/mt on the week,
at the top of an indicated range heard at Eur500-550/mt
from a converter, moving toward a range of indications heard
at Eur600-700/mt from a producer and a recycler, moving
above a range of indications heard at Eur450-530/mt from
a trader and a second recycler, amid feedback of a tight
market.
Platts is part of S&P Global Commodity Insights.
US PET: Thin market activity ahead of peak season
„ PET spot, contract prices stable on the week
„ Buyers destocking amid higher pricing levels: source
Market activity for US polyethylene terephthalate was heard
thin in the week to Feb. 21, despite beverage bottle production
peak season approaching.
Beverage bottle production — the primary outlet for
PET in the Americas — typically picks up in mid-March, but
sources reported flat to thin market activity amid elevated
spot prices.
Prices for spot PET climbed last week, mainly due to the
impact on Asian ocean freight prices resulting from Houthi
rebel attacks on commercial shipping in the Red Sea and transit
limitations at the Panama Canal, sources said.
"With elevated spot prices, buyers are trying to use the
inventory they have," a source said.
Prices for finished goods are not increasing, so manufacturers'
margins are squeezed, a California buyer said.
Upstream, Platts assessed January PTA contracts at
$1,384.27/mt (62.79 cents/lb), up by $29.76/mt (1.35 cents/lb) on
the month, based on settlements heard and corroborated at
that level.
In company news, Mexican polyethylene terephthalate
producer Alpek reported 907,000 mt of polyester sales in the
fourth quarter of 2023, the lowest volume reported since the
fourth quarter of 2019 and down 10% from 1.013 million mt in the
fourth quarter of 2022, according to the company's Q4 earnings
release Feb. 21
The company said the decrease was due to multiple factors
such as soft PET demand, particularly for bottle and packaging
segments, the impact from Asian imports and scheduled
maintenance at some production facilities.
Alpek did not provide an update on the construction of the
joint venture PTA/PET complex in Corpus Christi, Texas.
"The site is being preserved for a potential future start, and
the joint venture is in the process of developing an optimized
plan for the project," CEO Jorge Young said.
Looking ahead, Alpek expects continued headwinds for the
petrochemical industry, similar to those faced in 2023, with
gradual improvement over the year.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Platts US PET Weekly Rationale
Platts assessed US spot PET prices at $1,323/mt (60 cents/
lb) DDP US West Coast on Feb. 21, stable on the week, in line with
a buyer's indication heard at that level and considering market
feedback of thin market activity.
Domestic PET contract prices were assessed at $1,367/mt
(62 cents/lb) delivered railcar, stable on the week, considering an
indication heard at low 60s cents/lb ($1,323-1,389/mt) delivered
railcar .
Platts is part of S&P Global Commodity Insights.
Recycled PET: Market uncertainty
triggers wait-and-see approach
„ Ongoing tight bale supply in California
„ Price uncertainty in the Midwest: sources
Supply for post-consumer bales in California was still heard
tight on the week to Feb. 21, amid rainy weather, higher domestic
demand levels and continued buying interest in Mexico.
"Demand for clear flakes is not great but it could be worse," a
California recycler said.
Clear washed flake producers are struggling with "razor-thin
margins", absorbing elevated post-consumer bales while keeping
flake prices flat to remain competitive with cost-effective imports.
"Recyclers are being crushed," a second California
recycler said.
In the Midwest, demand was heard firming with market
participants heard to be taking a wait-and-see approach going
into April, amid ongoing uncertainty.
There has been a lot of price uncertainty and lack of
consistency in prices for the last 6 months, a source said.
"Consistency is all we are looking for," a source said.
In company news, LyondellBasell acquired California
mechanical recycling assets from PreZero, a global recycler and
waste management services provider, according to a company
statement Feb. 20.
LyondellBasell will use the California mechanical recycling
plant, which plans to start operations in 2025, to manufacture
post-consumer recycled polyethylene and polypropylene resins
using plastic waste feedstock.
Mexican polyester producer Alpek reported that recycled
PET accounted for 73% of Alpek's net sales, according to the
company's fourth quarter earnings release published on Feb. 21.
"Recycled PET production volume grew 17% year-over-year,"
said Alpek's CEO Jorge Young.
Looking ahead, Alpek expects the petrochemical industry to
continue to experience headwinds in the new term, similar to the
ones faced in 2023, with gradual improvement over the course of
the year.
Platts US Recycled PET Daily Rationale
Platts assessed post-consumer PET premium bales at 19.5
cents/lb FOB Los Angeles Feb. 21, stable on the day, within
© 2024 by S&P Global Inc. All rights reserved. 31
a buyer's indication heard at 19-20 cents/lb FOB Southern
California and above a buyer's indication heard at 16-17 cents/lb
FOB Southern California.
Post-consumer PET curbside bales were assessed at 13
cents/lb FOB Los Angeles, stable on the day, within a buyer's
indication heard at 12-14 cents/lb FOB Southern California and
above a buyer's indication heard at 11-12 cents/lb FOB Southern
California.
Recycled PET clear flakes were assessed at 48 cents/lb
FOB Los Angeles, stable on the day, at the bottom of a seller's
indication heard at 48-55 cents/lb FOB Southern California and
considering market feedback of unchanged prices on the week.
Recycled PET food-grade pellets were assessed at 68 cents/
lb FOB Los Angeles, stable on the day, at the bottom of an
indication heard at 68-72 cents/lb FOB Southern California,
pending further corroboration of higher prices.
Post-consumer PET curbside bales were assessed at 14
cents/lb FOB Chicago, stable on the day, in line with the most
repeatable level in a 13-16 cents/lb FOB Chicago range.
Recycled PET packaging-grade flakes were assessed at 52.5
cents/lb FOB Chicago, stable on the day, amid no disproving
indications and mirroring the stability of post-consumer bottle
bales.
Post-consumer PET curbside bales were assessed at 15
cents/lb ex-works Southeast, stable on the day, considering a
buyer's market feedback of Southeast prices being at a 0.5 cent
premium to Midwest FOB pricing.
Recycled PET clear flakes were assessed at 61 cents/
lb ex-works Southeast, stable on the day, amid no disproving
indications and mirroring the increase of post-consumer bottle
bales.
Platts is part of S&P Global Commodity Insights.
This rationale applies to the symbols APCLA00, APCLB00 and
APCCH00.
Asian PET: Prices fall on weak demand
amid limited spot discussions
„ Weak buying appetite, slow trading momentum
„ Chinese polyester plants operates at approximately 80%
Limited discussion was seen in the Asian polyethylene
terephthalate markets in the week up to Feb. 21 as the Chinese
market gradually returns from its holiday.
In the bottle-grade PET market, prices fell on weak demand
and lower offers driven by drop in feedstock prices, trade sources
said. Meanwhile, healthy end-users stockpiles due to active
restocking prior to the holiday led to the current weak buying
appetite and kept trading momentum slow, a trader said.
"Spot purchases was completed before the festival, so it is
quieter now," a Northeast Asian producer said.
For polyester fiber and yarn, Chinese polyester sales were still
limited as downstream sectors have not completely resumed
operations. Nonetheless, polyester plant operation rate in China
Polymerscan February 21, 2024
started ramping up to approximately 80% Feb. 21, several trade
sources said.
"Overall, downstream has not fully resumed operations," a
trader said, adding that spot discussions should pick up in the
coming weeks.
Upstream, PTA CFR China fell $10/mt on the week at $769/mt
Feb. 21, while MEG CFR China fell $3/mt on the week at $540/mt
Feb. 21, S&P Global Commodity Insights data showed.
Platts Asian PET Weekly Rationale
Platts assessed PET FOB Northeast Asia down $30/mt on the
week at $890/mt Feb. 21, below an offer heard at $900/mt, and in
line with tradable indication heard at that level.
FOB Southeast Asia PET was assessed down $10/mt on the
week at $945/mt Feb. 21, below an offer heard at $970-$980/mt,
and taking into consideration movement in the adjacent market.
China prompt domestic POY150D/48F was assessed
unchanged on the week at Yuan 7,750/mt ex-works Feb. 21, in line
with a tradable indication heard at that level.
China prompt domestic DTY150D/48F was assessed
unchanged on the week at Yuan 9,000/mt ex-works Feb. 21, in line
with a tradable indication heard at that level.
China prompt domestic FDY150D/96F was assessed
unchanged on the week at Yuan 8,400/mt ex-works Feb. 21, in line
with a tradable indication heard at that level.
China prompt domestic PSF was assessed unchanged on the
week at Yuan 7,400/mt ex-works Feb. 21, in line with a tradable
indication heard at that level.
Platts is part of S&P Global Commodity Insights.
Asian Recycled PET: Prices rise
with higher upstream costs
„ Southeast Asia bales market bullish
„ Indian R-PET FOB flake price rises $5/mt on week
Asian recycled polyethylene terephthalate prices were
higher week on week Feb. 21, as upstream costs rose in
Southeast Asia.
In Southeast Asia, feedstock scarcity issues dominated
trade proceedings. Post-consumer PET bales were heard in the
$550-$600/mt range in Indonesia despite no signs of further
improvement in end-demand, while feedstock prices in Thailand
increased slightly on the week to around Baht 18-19.5/kg,
according to some market sources.
"There is not much resin demand in Indonesia from the
R-PET side. But bale prices are up as some collectors hold
back quantities in the face of new market entrants, and the
upcoming Ramadan could be an additional factor as well," said a
market source.
With increased focus on pellets production in the region, flake
© 2024 by S&P Global Inc. All rights reserved. 32
buyers said that higher prices were needed to secure both bales
and flakes.
"We are trying to tweak our production process to accept a
wider range of flakes, but we also need to speak to our customers
to ensure that end-products are to their specifications," said a
converter.
Freight rates from Asia to Europe have declined since the
initial days of attacks on commercial shipping in the Red Sea,
although costs were still high around $4,000-$5,000/FEU,
according to some market sources.
"We are seeing month-on-month improvement in flake
exports," said a trader.
Resin prices in export destinations were also supported by
a tight flake market, with the R-PET flake FD Northwest Europe
market strengthening Eur50/mt on the day to close at Eur1,050/
mt on Feb. 20, Platts data showed.
An Indian seller of R-PET flakes said that "demand
domestically is robust. We see a good number of orders from
domestic buyers that are expected to firm up further as EPR
[extended producer responsibility] norms are expected to be
implemented next year."
A market source reported bottle bale prices in India at Rupee
38/kg in the north and Rupee 37/kg in the south.
A buyer of Indian R-PET flakes said that "flakes from India to
Europe are subject to duties, therefore offers from Indian sellers
are higher than expectation. Also, the landing cost for European
buyers gets very high considering issues in the Red Sea."
Platts is part of S&P Global Commodity Insights.
Platts Asian Recycled PET Daily Rationale
Platts assessed Asian R-PET clear flakes with PVC content of
50-100 ppm unchanged on the day at $785/mt FOB Southeast
Asia Feb. 21, below a tradable indication heard from a seller at
$800/mt.
Platts assessed R-PET premium clear flakes with PVC
content of less than 30 ppm unchanged on the day at $850/
mt FOB Southeast Asia Feb. 21, in line with tradable indications
heard within $780-$900/mt. A deal done heard at $820-$830/
mt was not fully considered as its traded quantities fell outside
methodology specifications.
Platts assessed R-PET food grade pellets with a minimum
intrinsic viscosity of 0.8 unchanged on the day at $1,165/mt FOB
Southeast Asia Feb. 21, above a buy indication heard at $1,100-
$1,150/mt.
Platts assessed premium R-PET clear flakes with PVC content
of less than 30 ppm assessed unchanged at $845/mt FOB India,
above a buy indication heard at $800-$820/mt amid thin trade
indications, and unchanged market fundamentals.
Platts is part of S&P Global Commodity Insights.
This rationale applies to symbol(s) <RPTSE00> , <RPTSF00>
and <ARINA00>
Polymerscan February 21, 2024

Polymer Feedstocks: Olefins

Polymer Feedstocks – Ethylene Polymer Feedstocks – Ethylene Glycol Assessments (cont)
Europe US (¢/lb)
Spot Friday Weekly Average Spot Friday
FD NWE (Eur/mt) 895.50-899.50 826.100-830.100 FOB USG 21.50-23.50
CIF NWE ($/mt) 939.00-943.00 872.700-876.700
CIF MED ($/mt) 939.00-943.00 872.70-876.70 Fiber Grade Monthly Contract Price (Feb):N/S-N/S FOB USG

Monthly Contract Price (Feb): 1190.00-1190.00 FD NWE (Eur/mt) Asia ($/mt)

US (¢/lb) Spot Friday Weekly Average
Spot Friday Weekly Average CFR China 542-544 542.0-544.0
FD Mont Belvieu M1 Feb 18.500-19.000 18.800-19.300 CFR SE Asia 550-552 (1) –
FD Mont Belvieu M2 Mar 18.375-18.875 18.800-19.300
MEG CP Nomination (Jan) – CFR Asia
FD Choctaw M1 Feb 19.375 19.575
MEGlobal: 840 Sabic: 800 Shell: 900
FD Choctaw M2 Mar 19.375 19.525
(1) CFR SE Asia = CFR Indonesia. Note: Asian ethylene glycol assessments are basis L/C 90 days.
Net Contract Price (January): NA-NA Delivered
Asia ($/mt)
Spot Friday Weekly Average
FOB Korea 909-911 – Polymer Feedstocks – Butadiene
CFR SE Asia 949-951 949.0-951.0 Europe
CFR NE Asia 939-941 939.0-941.0 Spot Friday Weekly Average
Asian ethylene spot assessments reflect LC 0-30 days. CFR SEA = CFR Indonesia/Thailand. FD NWE (Eur/mt) 838.00-842.00 838.000-842.000
FOB Rdam ($/mt) 773.00-777.00 773.000-777.000

Polymer Feedstocks – Propylene Butadiene Monthly Contract FD NWE FEB:795.00-795.00 (Eur/mt)

Europe (Eur/mt) US (¢/lb)
Poly Grade Spot Friday Weekly Average Spot Friday
FD NWE 1014.50-1018.50 1009.000-1013.000 CIF USG 32.75-33.25
CIF NWE 1021.50-1025.50 1010.400-1014.400
Chem Grade Spot Friday Weekly Average Monthly Contract Price (Feb) N/S-N/S
FD NWE 1004.00-1008.00 992.00-996.00
Asia ($/mt)
CIF NWE 974.00-978.00 962.00-966.00
Spot Friday Weekly Average
Poly Grade Monthly Contract Price (Feb): 1065.00-1065.00 FOB Korea 1149-1151 1149.00-1151.00
CFR Taiwan 1199-1201
US (¢/lb)
CFR SE Asia 1129-1131 (1)
Spot Friday Weekly Average
CFR China 1199-1201 1199.00-1201.00
dlvd USG dlvd USG
Poly Grade M1 Feb 52.500-53.000 53.500-54.000 (1) CFR SE Asia = CFR Indonesia.
Poly Grade M2 Mar 51.375-51.875 51.375-51.875
Ref Grade 11.250-11.750 11.350-11.850

Poly Grade Contract Price (January): NA-NA Delivered

Chem Grade Contract Price (January): NA-NA Delivered
Asia ($/mt)
Spot Friday Weekly Average
FOB Korea 814-816 814.0-816.0
CFR Taiwan 859-861 –
CFR SE Asia 874-876 –
FOB Japan 819-821 –
CFR China 849-851 849.00-851.00
Asian ethylene spot assessments reflect LC 0-30 days. CFR SEA = CFR Indonesia/Thailand.

Polymer Feedstocks – Ethylene Glycol Assessments

Europe
Spot Friday
FCA NWE T2 (Eur/mt) 543.00-547.00
FD NWE T2 (Eur/mt) 583.00-587.00
CIF NWE T2 (Eur/mt) 503.00-507.00
CIF NWE T2 ($/mt) 542.00-546.00

Monthly Contract Price (Feb ) – (Eur/mt) NA-NA Notes: All olefin prices reflect assessments at close of previous Friday.

© 2024 by S&P Global Inc. All rights reserved. 33

Polymerscan February 21, 2024
Ethylene
European Ethylene: Spot prices
continue rise on tight supply
„ Spot deal heard at 20% discount to MCP
„ Uncertain sentiment dominates market
Spot prices in the European ethylene market continued to rise
in the week to Feb. 16, off the back of tighter supply availability.
The three- to 30-day forward free-delivered Northwest
European ethylene spot price was assessed at Eur897.50/mt Feb.
16, up Eur88/mt on the week, according to Platts data.
Availability of ethylene on spot tightened further amid an
uptick of demand from derivative markets, reflected in lower
offers heard in the market.
Market participants had mixed views on ethylene supply,
uncertain as to if the constraint was limited to the spot market or
also present in the contractual market.
"The supply picture is mixed, cannot really say exactly if it is
just spot," a consumer said.
An uptick in derivative demand continued following delays
to imports into the region, with some buyers seeking volumes
domestically, according to market sources.
Nevertheless, some market participants remained steadfast
that demand fundamentals remained unchanged.
"Demand is still the same, there was some slight improvement
in January following destocking in December, but now we
are watching to see how the months progress," the same
consumer said.
Uncertainty dominated market sentiment, as market sources
found it difficult to quote a time frame on the current market
dynamics.
"I expect it to continue into March," a trader said, while some
other players said the current prompt demand and tight supply
will be short-term.
In upstream naphtha, average prices through February
have risen from January, making market participants begin to
anticipate an increase in the monthly contract price of ethylene
for March.
The average cost of naphtha stood at $657.30/mt CIF NWE
Feb. 15, up $18.34/mt from the average in January, according to
Platts data.
Platts is part of S&P Global Commodity Insights.
Platts European Ethylene Weekly Rationale
Platts assessed the three- to 30-day forward free-delivered
Northwest European ethylene spot price at Eur897.50/mt Feb. 16,
up Eur85.50/mt on the day and up Eur88/mt on the week.
The February FD NWE spot differential was assessed at a 25%
discount to the industry-settled contract price, seven percentage
points narrower on the day and on the week, moving toward a
spot deal at a 20% discount heard from a buyer Feb. 16, wider
than a trader indication of a 20% discount and a consumer
© 2024 by S&P Global Inc. All rights reserved. 34
notional indication at 20%, considering market feedback of
tighter supply weighed against weak demand, pending further
corroboration of repeatability at narrower levels.
The March FD NWE spot differential was assessed at a 25%
discount, seven percentage points narrower on the day and on
the week, mirroring the move and at parity to the February FD
NWE differential, in line with a trader indication of spot prices at
parity to February, pending further confirmation of spot prices.
The February CIF NWE spot differential was assessed at a 27%
discount to the industry-settled contract price, six percentage
points narrower on the day and on the week, slightly tracking
movement in the February FD NWE market, wider than a trader
indication of spot offers at a 20% discount, in line with the same
trader's indication of spot bids wider than 20%, considering
feedback of tight supply weighed against limited buying interest,
pending confirmation of spot deals at narrower levels.
The March CIF NWE spot differential was assessed at a 27%
discount, six percentage points narrower on the day and on the
week, mirroring the move and at parity to the February CIF NWE
differential, wider than a trader indication of spot offers at a
20% discount, in line with the same trader indication of spot bids
wider than 20%, considering feedback of tight supply weighed
against limited buying interest, pending confirmation of March
spot deals.
The February CIF Mediterranean spot differential was
assessed at a 27% discount to the industry-settled contract
price, six percentage points narrower on the day and on the week,
at parity to and mirroring the move in the February CIF NWE
market, pending fresh indications of spot prices.
The March CIF MED spot differential was assessed at a 27%
discount, six percentage points narrower on the day and on the
week, mirroring the move and at parity to the February CIF MED
differential, pending fresh March spot indications.
Platts assessed the three- to 30-day delivered duty-paid
northwest European ethylene-oxide spot price at Eur957/mt Feb.
16, up Eur69.50/mt on the day and Eur71.50/mt higher on the
week, partially tracking the movement in the upstream ethylene
price, assessing a stable factor to the daily ethylene FD NWE spot
price and an adder of Eur230/mt, pending indications of spot
pricing.
Platts is part of S&P Global Commodity Insights.
US Ethylene: Spot ethylene movement
mixed on the day as ethane strengthens
„ Good levels of supply
„ Spread between locations narrows
Platts assessed ethylene at 18.625 cents/lb for Mont Belvieu
and at 19 cents/lb for Choctaw.
Mont Belvieu's levels rose on the day, after a week-long
downward trend. There was thin market activity seen for
Choctaw.
Ethylene market has remained steady amid healthy supply.
Polymerscan February 21, 2024
Upstream, Platts assessed Enterprise ethane up 1.125 cent/
gal on the day at 18.75 cents/gal on Feb. 21. Ethane is used as
feedstock to produce ethylene.
In Asia, ethylene market was steady following a two-day
price rise.
Platts is part of S&P Global Commodity Insights.
Platts US Ethylene Daily Rationale
Platts assessed February spot Mont Belvieu ethylene at
18.625 cents/lb FD Mont Belvieu Feb. 21, up 0.375 cent/lb on the
day. The assessment came within the most competitive bid-offer
range heard at 18.50-18.75 cents/lb MtB-Pipe, which disproved an
earlier trade.
Forward-month March spot Mont Belvieu ethylene was
assessed at 18.50 cents/lb FD Mont Belvieu, also up 0.375 cent/
lb on the day. The assessment kept previous market structure,
came below an offer heard at 19 cents/lb and considered a
February/March bid-offer heard at minus 0.25 to plus 0.25 cents/
lb MtB-Pipe.
February spot Choctaw ethylene was assessed at 19 cents/
lb FD Choctaw Feb. 21, down 0.375 cent/lb on the day. The
assessment was in line with a trade heard at that level, which
disproved earlier bids.
Forward-month March Choctaw ethylene was assessed at 19
cents/lb, also down 0.375 cent/lb on the day. The assessment
kept previous market structure amid no disproving information.
Platts assessed US Gulf Coast spot export ethylene at 24.625
cents/lb, or $542.883/ mt FOB USG, up 0.375 cent/lb on the day,
based on market feedback of export FOB USG ethylene at 6-7
cents/lb premium to EPC, forgoing a netback calculation.
Platts is part of S&P Global Commodity Insights.
Asian Ethylene: Steady following
a two-day price rise
„ Tight March supply availability
„ Ethylene-naphtha spread widens $5/mt on day at $284/mt
The Asian ethylene market was steady Feb. 21 following a two-
day price rise despite sentiments remaining firm due to a lack of
March cargo availability.
Tradable indications for CFR Northeast Asia were in the range
of $950-$960/mt on Feb. 21 amid expectations of further support
from the recent supply tightness.
Strength in the market lent support from low operating rates
in Asia naphtha-fed steam crackers, along with less deepsea
supplies to the region due to logistical constraints that led to the
emergence of spot requirements, sources said.
Market participants were also wary of the pressure of rising
feedstock ethylene prices on downstream production margins on
the back of weak demand.
The ethylene-naphtha spread widened $5/mt on the day at
$284/mt Feb. 21, S&P Global Commodity Insights data showed.
The typical spread is at $250/mt for integrated producers and
© 2024 by S&P Global Inc. All rights reserved. 35
$300-$350/mt for non-integrated producers.
Platts is part of S&P Global Commodity Insights.
Platts Asian Ethylene Daily Rationale
The Platts Ethylene CFR Northeast Asia assessment was
unchanged on the day at $955/mt on Feb. 21, in line with tradable
indications heard in the $950-$960/mt range.
The CFR Southeast Asia assessment was unchanged on the
day at $970/mt on Feb. 21, in line with tradable indications heard
in the $950-$1,000/mt range.
Platts is part of S&P Global Commodity Insights.
Ethylene Glycol
European Glycols: Spot MEG demand stable
as market awaits import resupply
„ DEG remains tight amid healthy demand
„ Downstream demand boosted by supply disruptions
European monoethylene glycol prices were supported by
steady demand in the week to Feb. 16, as the region awaited
delayed supply from imports.
Since the beginning of the year, MEG prices have seen
a significant rise amid a combination of production and
logistical issues.
Although participants have shown differing views on the
extent of demand recovery, supply constraints have placed
upward pricing pressure on material.
A trader said demand had been unchanged across the week,
but it remained at higher levels than what would be expected for
this time of year.
A US vessel that was previously set to arrive mid-February,
would not arrive until the first week of March, according to the
trader, which added that there had also been a delay to a Saudi
vessel travelling to Europe by a couple of weeks.
"By the end of February to the beginning of March, 4-5 vessels
will be arriving into Antwerp. If demand continues to be steady as
it is, prices won't come off too much. However, if there is a dip in
consumption, prices could fall," the trader said.
According to a consumer of MEG, Red Sea disruptions
have led to import supply shortages of downstream purified
terephthalic acid and polyethylene terephthalate, with domestic
producers now ramping up production to take advantage of the
shortfall. This had led to stronger demand for MEG in the region.
A distributor, however, said MEG trading activity has remained
muted across the week, with spot demand not showing
significant improvement despite current market dynamics and
supply curtailments.
"Some say that the price did go up due to the shortage
of material, which I did not see or hear anything [about] … all
customers I talked to got material and had no problem to choose
the lowest offer," the distributor said.
Polymerscan February 21, 2024
A second trader said they saw higher prices for prompt
delivery in the MEG market with short-term delivery still limited,
adding that overall MEG demand remained stable. However, they
added that in comparison to last week, demand for diethylene
glycol has risen. FCA ARA DEG spot prices were assessed up
Eur50/mt on the week at Eur1,000/mt.
In the TEG market, a trader said current availability was tight,
placing upward pressure on prices. However, going into March
and April, with the winter season ending, demand for material
would start to ease, with less consumption coming in from drilling
activities in the oil and gas industry. Platts assessed FCA ARA
TEG unchanged on the week at Eur1,800/mt.
Earlier in the week, an initial February contract price for
European MEG was agreed at Eur730/mt ($786/mt) FD NWE, up
Eur40/mt from January. At the same time, in what was a dual
settlement, the contract for January was also fully settled at
Eur690/mt.
In Asia, discussions were thin, as key participants in China
were off for the Lunar New Year holidays. Chinese domestic
markets were closed, limiting discussions further.
Platts is part of S&P Global Commodity Insights.
Platts European Glycols Weekly Rationale
Platts assessed FCA ARA monoethylene glycol spot prices
at Eur545/mt Feb. 16, up Eur5/mt on the week, within two
trader indications heard at Eur540-560/mt, a distributor
indication at Eur525-550/mt, and a consumer indication at
Eur540-570/mt, moving in the direction of a producer indication
of at least Eur550/mt and distributor indication heard at
Eur560/mt, below offers heard at Eur600/mt from a distributor
and at Eur550/mt and above from a trader, and above a deal
for 1,000-1,500 mt at Eur540/mt heard from a trader, which
falls outside the cargo size parameters of the assessment,
and above the same trader's indication that Eur540/mt is the
bottom of the range.
FD Northwest Europe MEG spot prices were assessed up
Eur5/mt on the week at Eur585/mt, maintaining FD NWE spot
pricing at a Eur40/mt premium to FCA ARA spot prices, and
within a trader indication at Eur580-600/mt.
CIF ARA MEG spot prices were assessed unchanged on the
week at Eur505/mt, in line with corroboration heard at that level
from a consumer and a trader, within the same consumer's
indication of prices at Eur500-530/mt and at the bottom of a
second trader's indication for material for March delivery at
Eur505-510/mt, considering a producer indication of prices being
in the low Eur500s/mt.
FCA ARA diethylene glycol spot prices were assessed up
Eur50/mt on the week at Eur1,000/mt, at the top of a consumer
indication at Eur900-1,000/mt, considering a distributor
indication of pricing moving up to Eur1,000/mt, within a trader
indication at Eur950-1,200/mt and moving in the direction of
a second trader indication at Eur1,100/mt and a third trader
indication at Eur1,050-1,100/mt for March delivery, considering
feedback of tight supply.
© 2024 by S&P Global Inc. All rights reserved. 36
FD Northwest Europe DEG spot prices were assessed up
Eur50/mt higher on the week at Eur1,040/mt, maintaining FD
NWE spot pricing at a Eur40/mt premium to FCA ARA values.
Platts assessed FCA ARA triethylene glycols unchanged on
the week at Eur1,800/mt, at the low end of a producer indication
heard at Eur1,800-1,900/mt and in line with a consumer indication
at that level, considering a distributor indication of prices being
stable and on feedback of tight availability.
Platts is part of S&P Global Commodity Insights.
US Ethylene Glycols: Spot DEG rises
amid economic run cuts
„ Supply tightening amid low run rates
„ Nan Ya's EG2 down until late March
Spot prices for monoethylene glycol, or MEG, held steady on
the week ended Feb. 16, amid tightening supply due to economic
run cuts on the US Gulf Coast.
Platts assessed US spot MEG at 22.5 cents/lb FOB USG on
Feb. 16, stable on the week.
Nan Ya Plastics has idled ethylene glycol production at one of
two units at its Point Comfort, Texas, site, the company told S&P
Global Commodity Insights on Feb. 15.
The EG2 unit, which has a nameplate MEG capacity of 800,000
mt/year, will stay down until late March, the company said.
With USG producers keeping MEG run rates low, supply for
its co-products, diethylene glycol and triethylene glycol, has
tightened proportionally.
A conventional yield of ethylene glycol sees a 10:1 ratio of MEG
to DEG, and a 10:1 ratio of DEG to TEG.
"MEG is limited on the merchant market," a trader said.
"DEG is very tight, and TEG is extremely tight," said a
second trader.
"I'm seeing some small lots available for MEG for March. No
DEG availability that I can tell," a third trader said.
Spot levels for DEG rose on week, with pricing indications
heard between 35 cents/lb FOB USG and just below 40 cents/lb
FOB USG.
Platts assessed US spot DEG at 37 cents/lb FOB USG, up 1
cent on the week.
The primary source of DEG consumption in the US is for
production of polyurethanes and unsaturated polyester resins.
DEG is often consumed for making fiberglass coatings,
particularly for boat hulls. It can also be used for on-purpose
production of TEG.
TEG demand in the US was heard strong on the week, with
consumption tied primarily to oilfield activity, still in season.
Ordinarily demand would begin to taper off in March, but
market sources anticipated TEG to remain tight so long as its co-
products continue to do also.
Platts assessed US spot TEG at 110 cents/lb FOB USG, stable
on the week.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024
Petchem USGC Weekly Glycols Rationale
Platts assessed US spot MEG at 22.5 cents/lb FOB USG on
Feb. 16, stable on the week.
The assessment came in line with a spot pricing indication
heard at 22.5 cents/lb FOB USG for barges.
Platts assessed US spot DEG at 37 cents/lb FOB USG, up one
cent on the week.
The assessment came below a pricing indication heard just
below 40 cents/lb FOB USG, considering tight supply heard,
pending corroboration of higher prices.
Platts assessed US spot TEG at 110 cents/lb FOB USG, stable
on the week.
The assessment came in line with a spot pricing indication
heard at 110 cents/lb FOB USG for truck and rail.
Platts is part of S&P Global Commodity Insights.
Asia MEG: Thin import demand on uncertain
macroeconomics
„ China import demand weak
„ Operating rates heard at 50%
Platts assessed Asian monoethylene glycol prices stable
on the day at $540/mt CFR China Feb. 21, as import price
discussions were thin amid slow Chinese demand.
ICE April Brent crude oil futures was down $1.52/b from the
previous close at $81.97/b at the Asian close Feb. 21.
Overall MEG operating rates were heard at 50%, sources said.
Platts is part of S&P Global Commodity Insights.
Petchem Asia Glycols Daily Rationale
Platts assessed Asia monoethylene glycol stable on the day at
$540/mt CFR China Feb. 21, on a discussion at the same level.
Platts assessed domestic Chinese MEG down Yuan 70/
mt on the day at Yuan 4,600/mt ex-tank Feb. 21, considering a
discussion at the same level from a trader.
Platts is part of S&P Global Commodity Insights.
Propylene
European propylene: Spot market quiet
amid material scarce
„ Tight supply prevents wholesale increase in derivative run rates
„ Limited impact from restart at Total Antwerp, Shell Moerdijk
European propylene market conditions remained tight in the
week ended Feb. 16, with potential spot market transactions
limited by thin availability of material across both inland and
coastal markets.
Discount levels in the market remained cemented at single
digit levels, with buyers and sellers at an impasse in agreeing
deals for February delivery due to a gap in pricing expectations.
Some sellers in the market were heard continuing to offer
© 2024 by S&P Global Inc. All rights reserved. 37
material at flat to slight discounts to the market contract price,
citing sold out supplies and difficulty in sourcing material as key
upward pricing pressures. Consumers of material were heard
broadly rejecting these offers, citing cash flow difficulties and
unaffordability as reasons.
"Spot offers are at MCP flat, but I wouldn't pay at discounts
of 1%-2%," one oxo-alcohols producer said, adding that "When
companies had money … you could pay the higher prices … but
these days, every penny is calculated — and across the board,
from the downstream no one is willing to commit."
The tight supply of propylene was heard having significant
impact on derivative producers to increase run rates. With
reduced access to feedstock material for propylene buyers in
downstream markets, many derivative producers were heard
to be struggling to increase their run rates despite increased
buyer appetite in derivative oxo-alcohols, propylene oxide and
acrylonitrile markets.
Limit relief to the tight supply was seen from crackers at Shell
Moerdijk and Total Antwerp returning to the market. Previously
in the month, market players had expected resumed production
at these sites to increase supply, but outages in other segments
of the market and logistical constraints have prevented any
rebalancing of fundamentals.
In plant news, the FCC unit of TotalEnergies located at their
refinery in Donges, France, remains out of the market due to
partial maintenance at the site, according to market sources.
The unit has a propylene capacity of 130,000 mt/year,
according to Platts data.
Platts is part of S&P Global Commodity Insights.
Platts European Propylene Weekly Rationale
Platts assessed the FD NWE polymer grade propylene
three- to 30-day forward spot price at Eur1,016.50/mt Feb. 16, up
Eur8.50/mt on the day and up Eur5/mt on the week.
The February PGP FD NWE spot differential was assessed at a
5% discount to the monthly contract price, unchanged on the day
and on the week, in line with a trader indication and at the narrow
end of a consumer indication at 5%-7%, while weighing feedback
of quiet spot activity against tight supply.
The March PGP FD NWE spot differential was assessed
at a 6% discount to the industry-settled contract price, one
percentage point narrower on the day and unchanged on the
week, moving toward a trader indication at 5% discount levels,
while considering feedback of slightly stronger availability for
March, pending further corroboration at narrower levels.
The February PGP CIF NWE spot differential was assessed
at a 5% discount to the MCP, unchanged on the day and on the
week, in line with corroborative indications from two traders
and a consumer indication at this level, at the narrow end of a
consumer indication at 5%-7%, while weighing feedback of quiet
spot activity against tight supply.
The March PGP CIF NWE spot differential was assessed
at a 5% discount to the industry-settled contract price, two
percentage points narrower on the day and one percentage
point narrower on the week, moving in line with a 5,000 mt deal
Polymerscan February 21, 2024
heard at this level, to the narrow end of a consumer indication at
5%-6%, and in line with an indication from the same consumer at
narrower than 8%.
The February chemical grade propylene FD NWE spot
differential was assessed at a 6% discount, unchanged on the
day and one percentage point narrower on the week, moving
towards the narrow end of a consumer indication at 5%-7%
discounts and toward offers heard at flat to a 2% discount to the
MCP, while remaining wider than the inland PGP differential and
weighing feedback of quiet spot activity against tight supply.
The March CGP FD NWE spot differential was assessed
at a 7% discount to the industry-settled contract price, one
percentage point narrower on the day and on the week, tracking
the one percentage point spread between February and March
differentials in the inland PGP market, considering feedback of
tight supply, while pending fresh indications.
Platts is part of S&P Global Commodity Insights.
US Propylene: Spot PGP continues uptrend
as feedstock drops to a month-long low
„ Spot levels at 11-month high
„ Ongoing slow demand
Platts assessed February spot polymer-grade propylene at 55
cents/lb FD USG, up 1.25 cents/lb on the day.
This marked levels not seen since March 29, 2023, according
to S&P Global data.
There was a plenty market activity on the day, with tradeable
levels seen rising.
Market participants said low inventories and slow demand
contributed to the rise in prices.
Upstream, Platts assessed Enterprise propane down 3.75
cents/gal on the day at 87.75 cents/gal on Feb. 21. Propane is
used as feedstock for propylene production.
In Asia, propylene market remained stable awaiting clearer
market direction.
Platts is part of S&P Global Commodity Insights.
Platts US Propylene Daily Rationale
Platts assessed February spot polymer-grade propylene at 55
cents/lb FD USG Feb. 21, up 1.25 cents/lb on the day.
The assessment was in line with the most repeated trade
heard on the day and came within the most competitive bid/offer
range heard at 54.5-57.5 cents/lb MtB-Pipe.
Forward-month March PGP was assessed at 53.875 cents/lb
FD USG, also up 1.25 cent/lb on the day.
The assessment kept previous market structure and came
above a bid heard at 52 cents/lb MtB-Pipe. It also considered a
February/March offer heard at plus 3 cents/lb MtB-Pipe.
US prompt refinery-grade propylene was assessed at 11.5
cents/ lb FD USG, flat on the day. The assessment kept previous
levels amid no disproving information.
Platts is part of S&P Global Commodity Insights.
© 2024 by S&P Global Inc. All rights reserved. 38
Asia Propylene: Markets stay stable
as buyers hold back
„ Shandong propylene gains Yuan 15/mt
„ Taekwang to run Ulsan PDH plant at 80% for March
The CFR China propylene market remained stable Feb. 21 as
end-users were awaiting a clearer market direction.
ICE April Brent crude oil futures was down $1.51/b from the
previous Asian close at $81.97/b at 0830 GMT Feb. 21.
"Everyone is waiting to see how many downstream PP
producers are restarting next week," said a China-based trader
who added that producers were waiting for a clearer direction
before taking any positions.
Platts assessed CFR China propylene unchanged on the day
at $845/mt on Feb. 21, while the Asian polypropylene-propylene
spread was at $25/mt, well below the typical breakeven spread of
$150/mt, S&P Global Commodity Insights data showed.
Shandong propylene gained Yuan 15/mt from Feb. 20 to hit
Yuan 6,825/mt and that comes in at $842/mt CFR China after
considering for currency conversion and value added tax.
In plant news, South Korea's Taekwang Industrial is planning
to run its 300,000 mt/year Ulsan propane dehydrogenation plant
at 80% for March, unchanged on the month, a company source
said Feb. 21.
The company had been running the plant at 80% after
restarting it Nov. 9, following a 25-day planned turnaround, S&P
Global reported earlier.
Taekwang also has a 290,000 mt/year acrylonitrile plant
in Ulsan that is supplied with propylene feedstock from the
PDH plant. The ACN plant will also run at 80% for March, the
source said.
Supplies have increased in the Asian ACN market after the
restart of Chinese plants from turnarounds and the startup
of Jiangsu Sailboat Petrochemical's new No. 4 ACN plant
in Lianyungang in late November, while demand from the
downstream acrylic fiber and acrylonitrile-butadiene-styrene
sectors has been lackluster due to weak end-user consumption,
according to market sources.
Some restocking ahead of Lunar New Year holidays and lower
run rates among producers in Northeast Asia have provided
support to prices.
Platts is part of S&P Global.
Platts Asian Propylene Daily Rationale
Platts assessed CFR China propylene unchanged day on day
at $845/mt Feb. 21, above buying and tradable indications at
$830-$840/mt CFR China by buyers and traders, with no selling
indication heard.
Platts assessed FOB Korea propylene unchanged over
the same period at $815/mt Feb. 21, below a selling indication
heard at $830/mt FOB Korea by a producer and above a buying
indication heard at $765/mt by an end-user.
The propylene price in Shandong was assessed up Yuan 15/mt
Polymerscan February 21, 2024
on the day at Yuan 6,825/mt amid price discussions heard around
that level.
Platts assessed the east China propylene price unchanged on
the day at Yuan 6,900/mt amid price discussions heard around
that level.
Platts is part of S&P Global Commodity Insights.
Butadiene
European C4 Olefins: Healthier
spot activity as buying increases
„ Limited supply in Europe
„ Spot demand improves
The European butadiene market was active in the week ended
Feb. 16, with buyers showing increased appetite for spot cargos.
Platts assessed the FD NWE butadiene spot price at Eur840/
mt Feb. 16, unchanged on the day and stable on the week.
Butadiene spot prices in Europe remained at a premium to the
February contract price as fundamentals continued to support
the bullish price sentiment. Spot activity picked up during the
week with several domestic trades heard taking place at premium
between 2%-6% to the February and March contract prices.
"It's a good time for producers, there are lots of deals reported
but we still need a higher MCP price to be incentivized to produce
more," a producer said.
Availability of spot butadiene and crude C4 was balanced to
tight as a result of extended reduced operating rates and cracker
disruptions.
Downstream, consumers who produce synthetic rubbers SBR
and PBR — key derivatives of butadiene — were experiencing
better than expected demand in February, driven by disruptions
to imports as a result of the Red Sea crisis and upcoming
sanctions on Russian material which come into play in July.
Several deals were completed in the raffinate-1 market at
Factor to naphtha levels of 1.43-1.45 as demand remained firm.
Platts is part of S&P Global Commodity Insights.
Platts European C4 Olefins Weekly Rationale
Platts assessed the FD NWE butadiene spot price at Eur840/
mt Feb. 16, unchanged on the day and stable on the week, within
producer indications of prices being at a 2%-6% premium to the
February industry-settled contract price and below a deal heard
completed at a 4% premium to the MCP plus freight, considering
freight costs last heard around Eur30/mt in February.
The FOB Rotterdam butadiene spot price was assessed at
$775/mt, unchanged on the day and on the week, mirroring the
stability in the FD NWE price, considering limited trading activity.
The crude C4 factor to naphtha was assessed down 0.05 on
the week at 1.05 CIF NWE, in line with a producer indication at
this level, towards a deal heard at 1.02 and above a consumer
indication heard at 1-1.02, considering tight supply.
© 2024 by S&P Global Inc. All rights reserved. 39
The raffinate-1 factor to naphtha was assessed unchanged on
the week at 1.42 CIF NWE, within producer indications heard from
below 1.4 to 1.45 and below a deals heard at 1.43 and 1.45.
Platts is part of S&P Global Commodity Insights.
US Spot Butadiene up on the week at
33 cents/lb amid tight supply
Pricing indications were heard from 33-35 cents/lb CIF USG
„
„ Supply tight amid firm demand
Platts assessed US spot butadiene at 33 cents/lb CIF USG
Feb. 16, up 0.2 cents/lb on the week. Pricing indications were
heard in a 33-35 cents/lb range.
Market sources in the US shared that butadiene has remained
tight on the week. One US sourced said that "though there is
not much if any product to buy" and described supply as "non-
existent" in the domestic market.
Furthermore, market sources noted that demand has
remained "firm" and "steady" on the week amid the tightness in
the supply side and higher spot values.
Market participants shared that the butadiene price direction
in the US will depend to what happens on North East Asia and
as long as supply remains restrictive, prices are going to keep
increasing.
Platts is part of S&P Global Commodity Insights.
Platts US Butadiene Weekly Rationale
Platts assessed US spot butadiene at 33 cents/lb CIF USG
Feb. 16, up 0.2 cents/lb on the week. The assessment was
at the bottom of one corroborated range heard from three
traders at 33-35 cents/lb, considering talk of tight supply on
the week.
Platts is part of S&P Global Commodity Insights.
Asian Butadiene: Stable after
CFR China hits 11-month high
„ Local China hits highest since July 2022
„ China's butadiene stocks above suitable level
Platts assessed Asian butadiene stable day on day at an
11-month high of $1,210/mt CFR China Feb. 21 after a $10/mt price
increase Feb. 20.
The local China butadiene price rose Yuan 250/mt day on day
to be assessed at Yuan 10,000/mt Feb. 21, or $1,221/mt on an
import parity basis. This is the highest level since July 21, 2022,
when the price was assessed at Yuan 10,300/mt.
Market sources said China's buying appetite for import
cargoes is not as strong as other Northeast Asian regions amid
rising inventories in China. Local China's butadiene inventory rose
around 7,000 mt from a week earlier to 34,000 mt, which is higher
than the suitable level of 30,000 mt.
Trading sources also said Chinese suppliers will likely
Polymerscan February 21, 2024
accelerate exports as currently, the CFR Northeast Asia price is
pegged higher than CFR China.
Platts assessed CFR Northeast Asia butadiene steady day on
day at $1,240/mt Feb. 21.
Buyers in Northeast Asia were also eyeing Chinese-origin
cargoes as a plant hiccup was reported in Southeast Asia.
Upstream, Platts assessed CFR Japan naphtha down $5/mt
day on day at $671/mt Feb. 21, with the price spread between
butadiene and naphtha calculated at $539/mt, higher than the
typical breakeven spread of $300/mt.
Platts is part of S&P Global Commodity Insights.
© 2024 by S&P Global Inc. All rights reserved. 40
Platts Asian Butadiene Daily Rationale
Platts assessed CFR China butadiene price at $1,210/mt and
FOB China at $1,200/mt Feb. 21, flat from a day before, amid thin
price discussions.
Platts assessed FOB Korea butadiene price at $1,180/mt and
CFR Northeast Asia at $1,240/mt, flat during the same period. No
firm bids and offers were reported.
In the local market, Platts-assessed local China butadiene
price rose Yuan 250/mt day on day to Yuan 10,000/mt Feb. 21
based on a tradable indication heard at Yuan 10,000-10,100/mt.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024

Polymer Feedstocks: Aromatics

Paraxylene Polymer Feedstocks – Aromatics

Weekly Average Spot*
European Xylenes: Orthoxylene Styrene FOB Korea ($/mt) 1099.25-1100.25

spot market sees tightness Styrene FOB ARA ($/mt) 1419.80-1420.30

Styrene FOB USG (cts/lb) 57.81-58.31
„ Poor availability in OX market Styrene FOB USG ($/mt) 1280.000

„ MX market tightens Paraxylene FOB Korea ($/mt) 1010.83-1012.83

Paraxylene FOB Rdam ($/mt) 1143.75-1144.25
Paraxylene FOB USG ($/mt) 1088.16-1098.16
The European orthoxylene saw a drop in material availability in
the week to Feb. 16 with imports from Asia falling amid logistical Monthly Contract Price
disruptions surrounding the Red Sea. Styrene FOB USG (cts/lb) (Feb) 49.79-50.29
"Spot is tight," a trader said.
Paraxylene CFR Asia Average (Feb ) NA
"You will not get spot OX for prompt delivery easy or cheap," a Paraxylene FD NWE (Eur/mt) (Feb) NA-NA
second trader said. Paraxylene FOB USG (¢/lb) (Feb) N/S-N/S#
Despite the tightness, demand for spot orthoxylene was not * Average prices for week ending the previous Friday. # PX CP is typically settled retroactively. The
heard to be particularly strong, with pull from the downstream most recent settlement appears on this page.

phthalic anhydride market weak.

"There is demand, not super strong," a producer said.
"Demand is still rather low," another trader said.
The mixed xylenes saw similar tightness in Europe, with limited
availability seen across the region.
Arbitrage opportunities for mixed xylenes to the US were
heard to be possible, with some market players eyeing the
prospect of sending material across the Atlantic.
"Arb still open, but less than used to be," another producer said.
Upstream pull from the PTA and PET sectors have increased
demand in the paraxylene sector in Europe, with PET and PTA
market participants looking to secure supply amid an uncertain
market, due to Houthi attacks in the Red Sea, disrupting
logistical costs.
Platts is part of S&P Global Commodity Insights.

Platts European Xylenes Daily Rationale

Platts assessed the M1 February MX CIF ARA premium to
Eurobob gasoline at $235/mt Feb. 21, down $5/mt on the day, at
the bottom of an indicated range heard at $235-$250/mt from a
distributor, weighing an indicated range heard at $190-$210/mt
from a consumer against feedback of a tight market.
The M2 March MX CIF ARA premium was assessed at $235/mt,
at parity with February levels, down $5/mt on the day, in line with
an indication heard from a consumer that March values were flat
to February values.
The M1 February paraxylene FOB ARA spot price was assessed
at $1,150/mt, steady on the day, in line with an indication from a
distributor.
M2 March paraxylene FOB ARA prices were assessed at
$1,150/mt, stable on the day, at parity with February levels.
The paraxylene FOB ARA five- to 30-day forward spot price
was assessed as the average of the period at $1,150/mt, steady
on the day.
The orthoxylene FOB ARA five-to 30-day forward spot price
was assessed at $1,400/mt, stable on the day, in line with an
indication from a distributor.
Platts is part of S&P Global Commodity Insights.
Notes: All aromatics prices reflect assessments at close of previous Friday.
USGC Aromatics: Xylenes prices move up
amid continued buying interest
„ US xylenes prices up on the week
„ USGC MX at 5-cent backwardation
Mixed xylenes values moved up amid continued buying
interest.
February MX bids were seen increasing to 385 cent/gal
throughout the week. "Naphtha is still cheap and long in the US,
so octanes are still in demand", a source said. The intermonth
market structure for MX is currently at a 5-cent backwardation,
indicating high interest in prompt deliveries.
Meanwhile, spot paraxylene market saw mixed movements
throughout the week and a net increase in prices of $18.33/
mt, or 1.7%, on the week. USGC PX prices move in line with CFR
Taiwan/China paraxylene marker, which traced movements in
crude prices.

© 2024 by S&P Global Inc. All rights reserved. 41

Polymerscan February 21, 2024
The spread between US MX and PX was assessed at minus
$69.27/mt Feb. 16, relatively steady on the week. PX prices are at
a discount to MX since mid-January.
PX Prices in the US are at about a $49.58/mt discount to
European FOB ARA prices and at a $70.09/mt premium to CFR
Taiwan/China marker. In Asia, PX consumption is expected to
improve from April onwards amid an expected uptick in gasoline
blending demand ahead of the US summer driving season, Asia-
based traders said.
In related energy news, US crude prices hit a three-month high
as Middle East tensions continued. Meanwhile NYMEX March
RBOB futures marginally increased 0.35 cent/gal on the week.
Stocks of gasoline blending components were at 231.5 million
barrels for the week ended Feb. 2, lower by 1.7% on the week but
higher by 3.1% on the year, according to US Energy Information
Administration data.
Finished motor gasoline supplied, which implies demand, was
at 8.168 million b/d, lower by 7.3% on the week and by 1.3% on the
year. The four-week average was lower by 1% on the year, at 8.250
million b/d.
US refinery operable utilization rates were at 80.6%, lower by
1.8 percentage points on the week and by 5.9 percentage points
on the year, amid maintenance turnarounds.
Platts is part of S&P Global Commodity Insights.
Platts USGC Aromatics Daily Rationale
Platts assessed spot front-month February nitration-grade
toluene at 366 cent/gal FOB USG Feb. 21, 1 cent/gal lower on the
day.
The assessment came below a February NGT offer heard at
367 cents/gal.
Forward-month March NGT was assessed at 361 cents/
gal FOB USG, 1 cent/gal lower on the day, keeping the 5-cent
backwardation structure with February NGT, pending fresh
pricing indications.
Spot front-month February mixed xylenes was assessed at
386 cents/gal FOB USG Feb. 21, stable on the day.
The assessment came below a February offer heard at 392
cents/gal FOB ITC Deer Park.
Forward-month March MX was assessed at 386 cents/gal
FOB USG, stable on the day, maintaining the previous market
structure, pending fresh pricing indications.
Prompt spot paraxylene was assessed at $1,091.42/mt FOB
USG, down 33 cents on the day. The assessment moved down in
line with CFR Taiwan/China marker.
Platts is part of S&P Global Commodity Insights.
Asian Paraxylene: Down slightly with crude oil prices
„ Chinese participants active in paper trading
„ MOC trades for April and May
Asian paraxylene prices were down 33 cents/mt on the day at
$1,028/mt CFR Taiwan/China and $1,006/mt FOB Korea on Feb. 21.
Meanwhile, April crude oil futures fell to $81.97/b, from $83.49/b.
© 2024 by S&P Global Inc. All rights reserved. 42
With the Platts C&F Japan naphtha marker down at $671/
mt on Feb. 21, from $676/mt, the PX-naphtha spread widened to
$357/mt, from $52.33/mt a day earlier.
A market source said that PX prices were overvalued and
beginning to weaken. PX prices have been overvalued based
on expectations of a rally in aromatics prices, he said. However,
another source said that there was no big correction expected by
some market participants.
Trading in the paper market was active Feb. 21. A market
source said that it was primarily due to Chinese market
participants trading the onshore-offshore PX paper spread within
China and outside. Paper trades have been actively heard for the
last two days at least, concentrated around March, April, May and
September.
In the Platts Market on Close assessment process between
4:00 pm and 4:30 pm Singapore time, there were a total of four
trades, two for April and two for May. The intermonth spread
between April and May narrowed to a contango of minus $9/mt,
from minus $10/mt the day before. The intermonth spread has
been fluctuating in a narrow range of minus $7/mt to minus $10/
mt over the past few days.
Platts is part of S&P Global Commodity Insights.
Platts Asian Paraxylene Daily Rationale & Exclusions
Platts assessed Asian paraxylene CFR Taiwan/China and
FOB Korea markers down $0.33/mt on the day at $1,028/mt and
$1006/mt, respectively, Feb. 21.
The marker takes the average of the first-half April, H2 April
and H1 May laycans.
The H1 and H2 April laycans were assessed at $1025/mt, at
the level of the first trade between BP and Hengli for a near-haul
cargo at $1025/mt.
The H1 May laycan was assessed at $1,034/mt, at the
level of the last trade between Total and GS Caltex for
a near-haul cargo at $1034/mt. The intermonth spread
between April-May narrowed on the day to minus $9/mt
from minus $10/mt.
Platts is part of S&P Global Commodity Insights.
(Daily price can be found on PC214, and weekly assessments
on PC337.)
Exclusions: No data was excluded from the Feb. 21 Platts
Market on Close assessment process.
Styrene
European Benzene & Styrene:
Benzene arbitrage from Europe to US closed
„ Sources hear benzene values firm in Europe
„ Europe supplies styrene for Turkey: source
The benzene arbitrage from Europe to the US was heard to
be closed amid firm benzene values in the European market,
sources said Feb. 21.
Polymerscan February 21, 2024
The European benzene market was illiquid on the day.
"Liquidity is saved for tomorrow for the contract price window,"
a trader said.
A second source said the benzene arbitrage from Europe to
the US was closed because prices in Europe were too high.
"Backwardation is getting steeper," the second source added.
A third source said benzene values were firm.
"Europe is the highest market globally [for benzene]," the third
source said.
However, the benzene arbitrage was heard to be open from
Asia to the US.
No deals were heard done in the European styrene market on
the day, and a fourth source said Europe was supplying styrene
for Turkey.
Platts assessed styrene for loading five- to 30-days forward at
$1,551/mt FOB ARA on Feb. 21, up $5 from Feb. 20.
Platts is part of S&P Global Commodity Insights.
Platts European Styrene Daily Rationale
Platts assessed styrene for loading five- to 30-days forward at
$1,551/mt FOB ARA Feb. 21, up $5 from Feb. 20, amid higher bid-
offer ranges heard in the market.
M1 February was assessed at $1,551/mt, up $5, within the
latest bid-offer range heard at $1,550-$1,625/mt for any February
dates.
M2 March was assessed at $1,551/mt, up $5, within the latest
bid-offer range heard at $1,550-$1,625/mt for any March dates,
maintaining a flat structure between February and March.
Platts is part of S&P Global Commodity Insights.
Platts USGC Styrene Monomer:
Spot prices continue to climb
„ Spot prices rise to $1,400/mt
„ Upstream markets mixed
US Gulf Coast spot styrene was assessed at $1,400/mt Feb. 16,
up $200 on the week.
Front-month spot prices and forward-month spot prices
remain at parity, with a flat inter-month structure.
US contract styrene was assessed at 50.04 cents/gal.
Styrene prices have increased almost 50% over the first six
weeks of 2024, with a nearly 17% increase week on week.
Sources say the domestic styrene market is tight because
of some US styrene capacity being offline, and some producers
are in sold-out positions despite running at increased
production rates.
In addition to high benzene feedstock costs, there is also
increased demand for styrene derivatives, contributing to a steep
rise in styrene prices.
Ethylbenzene, a styrene feedstock, can be used as a
component in gasoline blending, but right now it "makes more
sense to use ethylbenzene for styrene," since styrene margins are
better and blenders can source cheaper octane boosters.
© 2024 by S&P Global Inc. All rights reserved. 43
Sources say they are also anticipating stronger styrene export
demand to support prices in the future, but the US market is too
tight to send many exports right now.
In wider energy markets, crude futures rose to settle at three-
month highs.
NYMEX March WTI climbed $1.16 at $79.19/b and ICE April
Brent fell 5 cents to $82.81/b.
Ethylbenzene prices rose 17 cents on the week, with February
DDP spot prices being assessed at 356 cents/gal, and benzene
prices continued to rise on the week, assessed at 422 cents/gal
February DDP and 432 cents/gal February FOB.
Platts is part of S&P Global Commodity Insights
Platts US Gulf Styrene Monomer Weekly Rationale
Platts assessed February spot styrene at $1,400/mt FOB USG
Feb. 16, up $100 on the day based on tradable levels heard at
$1,400/mt.
Forward-month March spot styrene was assessed at $1,400/
mt FOB USG, up $100 on the day, maintaining the previous market
structure with February spot.
Platts is part of S&P Global Commodity Insights.
Asian Styrene Monomer: Falls amid weaker
upstream prices
„ ICE April Brent crude futures at $81.97/b
„ March SM futures down Yuan 22/mt on day
Platts assessed the CFR China styrene monomer and FOB
Korea markers at $1,127/mt and $1,102/mt, respectively, Feb. 21,
both down $3/mt from the last trading day.
Discussions for Asian SM in Chinese domestic markets were
heard to have fallen due to lowered prices upstream, like for
crude oil.
Crude oil futures had settled lower Feb. 20 despite escalating
tensions in the Middle East following intensifying Israeli attacks
on southern Lebanon. Bullish factors were countered by a
bearish global economic outlook that continued to weigh on the
market, S&P Global Commodity Insights reported earlier. Crude oil
futures then rose marginally in midafternoon Asian trading Feb.
21 as positive trade data from South Korea and Japan pointed to
improving global consumption levels.
Overall, the ICE April Brent crude oil futures contract fell
$1.52/b on the day to $81.97/b Feb. 21.
Tracking the fall in upstream crude oil prices, the Chinese SM
futures on the Dalian Commodities Exchange also saw lowered
discussed prices.
The DCE EB2403 futures contract closed at Yuan 9,123/mt at 3
pm Singapore time Feb. 21, down Yuan 22/mt from Yuan 9,145/mt
the previous trading day.
Some sources said some units in East China were heard to
have stopped production, however, this could not be verified.
Nonetheless, sources added that there is ample supply in
China, pressuring discussed prices for Asian SM.
Polymerscan February 21, 2024
"The supply in China has been overwhelming. Currently, prices
are mainly supported by upstream prices such as oil and benzene,
so news of plant shutdowns are unlikely to have a huge impact on
the market as there is too much supply," a market source said.
Platts is part of S&P Global Commodity Insights.
Platts Asian Styrene Monomer Daily Rationale
Platts assessed Asian styrene monomer down $3/mt on the
day at $1,127/mt CFR China and $1,102/mt FOB Korea Feb. 21.
There were no transparent bids or offers heard during the
Platts Market on Close assessment process.
The marker considers the third and fourth half-month laycans,
currently second-half March and first-half April.
The CFR China marker was assessed down $3/mt on the day
at $1,127/mt based on weakened Chinese domestic prices.
The inter-month spread between March and April held steady
on the day, representing an assessed backwardation of $2/mt
based on domestic China indications. The March laycans were
assessed at $1,128/mt and the April laycans were assessed at
© 2024 by S&P Global Inc. All rights reserved. 44
$1,126/mt CFR China.
The domestic China prompt marker was assessed down Yuan
35/mt on the day at Yuan 9,200/mt on an ex-tank basis, which
was around $1,123.74/mt on an import-parity basis.
The FOB Korea marker was assessed down $3/mt on the day
at $1,102/mt, maintaining a spread against CFR China laycans at
minus $25/mt.
The FOB China marker, which takes into consideration March,
was assessed down $3/mt at $1,143/mt, maintaining the spread
against CFR China at plus $15/mt for the same time period.
The CFR Taiwan marker was assessed down $3/mt on the day
at $1,162/mt, maintaining a premium of $35/mt to the CFR China
marker.
The domestic ethylbenzene market in China saw limited
activity amid a quiet market. Based on the change in downstream
styrene monomer, the Chinese domestic ethylbenzene spot price
was assessed at Yuan 8,700/mt, down Yuan 35/mt from the last
trading day.
Platts is part of S&P Global Commodity Insights.
Polymerscan February 21, 2024

Polymer Feedstocks: Intermediates

Purified Terephthalic Acid Polymer Feedstocks – Intermediates

Weekly Spot
Asian PTA: Producers monitoring PTA FOB China ($/mt) 774.50

downstream activity; tepid margins PTA CFR China ($/mt) 773.50-775.50

PTA CFR SE Asia ($/mt) 791.0-795.0
„ Tepid margins still a concern PTA CFR India ($/mt) 832.5-834.5

„ Indian buyers hold spot buying on weak demand EDC CFR FE Asia ($/mt) 344-346
EDC CFR SE Asia ($/mt) 359-361
EDC FOB NWE ($/mt) 363-367
PTA producers in China will be counting on healthy
EDC FOB USG ($/mt) 280-290
downstream demand after the Lunar New Year holidays though
weak margins will remain a concern. VCM CFR FE Asia ($/mt) 589-591
The margins for PTA producers continued to weaken in VCM CFR SE Asia ($/mt) 649-651
the run up to the festive break, further compounded by lower VCM FOB NWE ($/mt) 678-682
VCM FOB USG ($/mt) 480-490
downstream operating rates, some traders said.
However, after the holidays, downstream operating rates in Acrylonitrile CFR FE Asia ($/mt) 1239-1241
China are expected to rise sharply, sources said. Acrylonitrile CFR SE Asia ($/mt) 1239-1241
PTA producers will be hoping for improved demand cues Acrylonitrile CFR South Asia ($/mt) 1314-1316
though weak margins and worries on China's economy will add Acrylonitrile FOB USG ($/mt) 1410-1420
Acrylonitrile CIF ARA ($/mt) 1298-1302
pressure, market sources said.
An Indian source reported polyester operating rates were stable Monthly Contract Price
around 80% from the last week ended Feb. 9, while another source PTA FD NWE (Eur/mt) (Feb) 782-792
PTA Delivered USG (¢/lb) (Jan) 62.79-62.79
said weak downstream demand could impact operating rates and
VCM Delivered USG (¢/lb) (Feb) 47.25-47.75
may prompt producers to reduce operating rates.
Global ACN, European and US prices of EDC and VCM reflect assessments at close of
An Indian PTA buyer said: "The market has not much changed Tuesday. PTA CFR China, PTA FOB China and PTA CFR India prices reflect average prices
as China is out on holidays and all of the participants are waiting for week ending previous Friday. All other intermediates prices reflect assessments at the
close of previous Thursday. US domestic prices reflect transaction pricing for medium-
for it to come back and see how Chinese demand pans out and sized customers.
how it will impact the market."
Platts is part of S&P Global Commodity Insights.

Platts Asian PTA Weekly Rationale

Platts assessed PTA CFR China up $8/mt on the day at $778/
mt Feb. 16, in line with the rise in PX prices.
The FOB China assessment was up $8/mt on the day at $778/
mt, in line with the PTA CFR China assessment.
In the Chinese domestic markets, prices were assessed
unchanged at Yuan 5,898/mt in the absence of any bids or offers
on account of holidays in China.
PTA CFR India was assessed up $8/mt on the day at $837/
mt, below an offer heard at $840/mt FOB Taiwan, which can be
normalized to $867-$881/mt CFR India depending on freights
heard at $27-$41/mt, maintaining the spread with CFR China and
CFR India at $59/mt, following the workable spread heard at $50-
$60/mt from the buyer and sellers, amid limited spot discussions.
The CFR SE Asia assessment was up $13/mt on week at $793/ The spot market in the European acrylonitrile industry
mt, while maintaining the spread with CFR China at $15/mt in the remained stable but still illiquid in the week to Feb. 20, as
absence of any fresh values. European producers were heard seeing limited benefits from
Platts is part of S&P Global Commodity Insights. some supply tightening in Asia due to freight obstacles.
Freight rates between Europe and Asia in both directions
were heard to have increased to at least mid $100s/mt levels and
Acrylonitrile based on the outright prices in both end markets, the arbitrage
window was heard to have become increasingly limited.
European acrylonitrile: More localized "We are seeing this new development now in the market, more
market on diming export outlook localized supply chain in the global market," a market source said.
Domestic acrylonitrile demand in the European market was
„ Demand stable to mildly improving
heard stable to mildly improving from a low base, for example in
„ Spot continued with illiquidity ABS production, a market source said, the market enjoyed an

© 2024 by S&P Global Inc. All rights reserved. 45

Polymerscan February 21, 2024
uptick from Q4 2023, although the source was not certain if the
recovery would sustain in longer term.
Regarding the pricing gap between Eurasian-origin materials
and other European-origin materials, market participants'
opinions were divided on their relative representativeness
compared to each other in the European ACN market.
In Asia, in the news, China's Zhejiang Petrochemical was
forced to shut down the remaining two 130,000 mt/year
acrylonitrile production lines at its Zhoushan site on Feb. 16 amid
technical issues, leaving the company's entire 520,000 mt/year of
capacity offline, a company source said Feb. 20.
Platts is part of S&P Global Commodity Insights.
Platts European Acrylonitrile Weekly Rationale
Platts assessed the European acrylonitrile spot price at $1,300/
mt CIF ARA Feb. 20, unchanged on the week, below a producer's
indication placing offer levels at $1,350-$1,400/mt, and above a
trader's indication heard at $1,150-$1,200/mt, considering feedback
of limited improvement in demand, unchanged supply and an
unworkable Europe-Asia trade arbitrage.
Platts is part of S&P Global Commodity Insights.
Platts US Acrylonitrile: Spot prices stable
„ Tight supply supporting prices
„ High feedstock costs continue to weigh on producers
Spot export acrylonitrile prices on an FOB US Gulf Coast basis
were stable on the week Feb. 20 from the previous week, with
domestic contract levels also remaining flat on the week.
A producer source indicated that offers for domestic
acrylonitrile were around $1,445/mt, and Platts assessed spot
ACN below the level of this indication.
Domestic ACN contracts remained at 74.5 cents/lb.
Other offers heard in the market included an offer for $1,410/
mt for export, and an offer for $1,390/mt, which was heard
tentative and said to be for "old inventory" that did not consider
current high feedstock costs associated with propylene.
Sources say there is "not a lot of product" in the domestic
ACN market, and high propylene feedstock costs are still
weighing on producers and supporting ACN prices.
Sources expect spot prices to continue to increase on the
back of high feedstocks and increasing demand.
Upstream, Platts assessed February spot polymer-grade
propylene at 53.75 cents/lb FD USG, down 0.25 cent on the week.
Globally, the CFR Far East Asia ACN marker was assessed
Feb. 20 $175 lower than FOB USGC prices, up $5 on the week at
$1,240/mt. In Europe, Platts assessed the CIF ARA marker stable
on the week at $1,300/mt.
Platts is part of S&P Global Commodity Insights.
Platts US Acrylonitrile Weekly Rationale
Platts assessed US spot acrylonitrile at $1,415/mt FOB US Gulf
on Feb. 20, stable on the week.
© 2024 by S&P Global Inc. All rights reserved. 46
The assessment came below the most recent offer heard at
$1,445/mt FOB USG on Feb. 15.
The assessment took into consideration offers heard at
$1,410/mt and $1,390/mt but did not decrease on this basis due
to market fundamentals such as higher propylene feedstock
costs. The assessment also mirrored stability in the European
market.
The domestic ACN contract price was assessed at 74.50
cents/lb delivered, unchanged on the week.
The assessment was based on an industry-accepted formula,
considering the 49.50-cent/lb January chemical-grade propylene
contract settlement and January ammonia contract price of
$445/mt.
Platts is part of S&P Global Commodity Insights.
Asian ACN: Gains $5/mt on tighter spot supply
„ Zhejiang Petrochemical shuts two ACN lines at Zhoushan
„ ACN price in India edges up
The acrylonitrile market in Far East Asia inched up in the week
ended Feb. 20 on support from lower run rates among producers
and production outages in the region.
A major producer in Asia said that supply stayed tight in
Northeast Asia especially after a major producer in eastern China
had an unexpected shutdown.
But not all think the spot market had flipped to the bull side,
with a buyer in Northeast Asia saying "the ACN market very bad,
downstream demand is too little."
In plant news, China's Zhejiang Petrochemical was forced
to shut down the remaining two 130,000 mt/year acrylonitrile
production lines at its Zhoushan site Feb. 16 amid technical
issues, leaving the company's entire 520,000 mt/year of capacity
offline, a company source said Feb. 20.
China's Zhejiang Petrochemical operates two 260,000 mt/
year plants at Zhoushan, each with two lines of 130,000 mt/year
capacity.
The source said the shutdowns were due to "sulfur-related
issues" and was unable to give a date for an expected restart.
"In short, both of our plants have shut down completely," said
the company source, adding that the company had notified term
customers to seek alternative supply.
The company had only recently restarted one of the 130,000
mt/year lines at the No. 1 plant on Jan. 29 after both lines were
shut in late October due to technical problems.
The company had shut down one of the 130,000 mt/year
production lines on Jan. 2 due to technical issues.
Supplies have increased in the Asian ACN market after the
restart of Chinese plants from turnarounds and the startup
of Jiangsu Sailboat Petrochemical's new No. 4 ACN plant
in Lianyungang in late November, while demand from the
downstream acrylic fiber and acrylonitrile-butadiene-styrene
sectors has been lackluster due to weak end-user consumption,
according to market sources.
Polymerscan February 21, 2024
But some restocking ahead of the Lunar New Year and
lower run rates among the producers in Northeast Asia had
supported prices.
Platts assessed ACN CFR Far East Asia at $1,240/mt Feb. 20,
up $5/mt on the week.
In India, ACN prices edged up on the back of higher
discussions.
Most tradable indications were in the range of $1,290-
$1,400/mt.
Platts assessed ACN CFR South Asia up $5/mt on the week at
$1,315/mt Feb. 20.
Sources had slightly differing views on the supply situation,
with some saying that supply remained tight while others were of
the view that there was no difficulty obtaining material.
The Chinese market has opened after the holidays and
there will be more clarity on ACN supply in the coming days, a
buyer said.
A trader said ACN demand in India is moderate, and China is
also expected to supply material in the coming days.
An industry source said that downstream acrylic fiber markets
Global Production Update
Company Location
Karpatnaftochim Kalush, Ukraine
Formosa Plastics USA Baton Rouge, LA
Shintech Plaquemine, LA
Westlake Plaquemine, LA
Formosa Plastics USA Point Comfort, TX
TA = scheduled turnaround; SD! = unplanned shutdown; SU = startup; DB = debottlenecking; OR = operating rate
Polymerscan
Contact Client Services: ci.support@spglobal.com
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Polymerscan is published daily by S&P Global Commodity
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Chief Financial Officer; Steve Kemps, Executive Vice President,
General Counsel
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© 2024 by S&P Global Inc. All rights reserved.
are under no pressure to purchase at higher rates as fiber
demand is still subdued.
Meanwhile, ACN prices in the domestic market were around
$1,380-$1,400/mt on an import parity basis, a source said.
Platts is part of S&P Global Commodity Insights.
Platts Asian ACN Weekly Rationale
Platts assessed acrylonitrile CFR Far East Asia $5/mt higher
week on week at $1,240/mt Feb. 20, above buy indications heard
at $1,200/mt from an end-user, and below sell indications at
$1,320-$1,350/mt from sellers.
Platts assessed ACN CFR Southeast Asia $5/mt higher on the
week at $1,240/mt Feb. 20, below a sell indication at $1,320/mt
from a seller, and in line with a firmer adjacent market.
Platts assessed ACN CFR South Asia $5/mt higher on the
week at $1,315/mt Feb. 20, above a buy idea at $1,270 from a
buyer, below sell indications at $1,320-$1,400/mt from sellers
and a buyer, and considering tradable ideas heard in the $1,290-
$1,400/mt range.
Platts is part of S&P Global Commodity Insights.
Capacity* Timing Status
300 PVC Feb. 24 2022 - TBC UN
136 Q1 2024 New
380 Expected startup July-August 2024 New
860 late Feb TA
753 Mid-January, post winter weather RS
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47
Polymerscan February 21, 2024
Ethylene Dichloride, Vinyl Chloride Monomer,
Chlorine
European Chlor-Alkali, EDC/VCM: Caustic soda
spot prices retreat amid softer demand
„ Market participants disagree over caustic market
fundamentals
„ EDC/VCM spot prices stable as global picture balanced
Caustic soda: Traders disagreed on the direction of the market
in the week to Feb. 20, as successive price increases since the
start of the year came to a halt.
In the Southern European market, where supply was perceived
as limited since the end of 2023, sources pointed to weak buy
interest and resistance to pay offer levels that were seen as high
as $600s/dmt CFR.
Likewise, a cooling of pricing in the North also led
producers' attempts to raise pricing in view of demand into
the Mediterranean to meet some resistance. One trader
pointed to improved supply into the Med, as one producer
was said to be back in operation and offering material into
the region.
A second trader said that Italian buyers were resisting selling
indications above $500/dmt CFR. However, a third trader said
that the import cost structure had not yet eased and imports
from key supply regions was also still limited.
With some traders pointing to levels at $530-$560/dmt CFR
Med, one trader said that for sellers the level was considered too
low. "Maybe if a producer is doing some business to Northern
Spain, those levels could work (no duty and cheap freight), but
not to the Med," the trader said.
The second trader pointed to some traders and distributors
running empty by April, struggling to find supplies from European
producers.
EDC/VCM: European EDC and VCM spot prices were assessed
unchanged on the week at $365/mt FOB NWE and $680/mt FOB
NEW, respectively.
Platts assessed Asian ethylene dichloride stable on the week
at $345/mt CFR Far East Asia and $360/mt CFR Southeast Asia
Feb. 15 despite firm upstream market.
However, spot supplies were seen to be tight due to
limited deepsea supplies from the US amid ongoing logistics
constraints there. In addition, an arbitrage window was seen to
be closed.
Platts assessed Asian vinyl chloride monomer stable week on
week at $590/mt CFR Far East Asia and $650/mt CFR Southeast
Asia Feb. 15.
Spot price discussions were limited due to a lack of price
direction, as key market participants in China and Taiwan were
away for the Lunar New Year holidays. However, the market trend
was seen to be strong, as the near-term downstream PVC market
was seen to be firm and VCM supplies were also limited ahead of
plant turnaround season.
© 2024 by S&P Global Inc. All rights reserved. 48
Platts European Chlor-Alkali, EDC/VCM Weekly Rationale
Platts assessed CFR Mediterranean European caustic soda
spot prices down $30/dmt on the week at $560/dmt Feb. 20,
at the top of a T2 trader's indication heard at $530-$560/mt
CFR Med Feb. 14, below a trader's indication who placed buying
interest below $600/dmt Feb. 20, below a trader's indication
heard that sellers would not sell as low as $530-$560/dmt Feb.
15, while considering feedback of softer demand.
Platts assessed FOB Northwest European caustic soda spot
prices down $20/dmt on the week at $420/dmt Feb. 20, in line
with a trader's indication that placed material below $450/dmt
heard Feb. 20, moving in the direction of a trader's indication
heard at $400/dmt FOB NWE Feb. 14, below a producer's
indication at $450/dmt FOB NWE Feb. 14, pending further
corroboration at lower prices, and tracking the fall in CFR Med
prices.
Platts assessed vinyl chloride monomer spot prices
unchanged on the week at $680/mt FOB NWE Feb. 20, in line with
the stability seen in Asian spot prices, pending fresh FOB NWE
indications.
Platts assessed FOB NWE ethylene dichloride unchanged on
the week at $365/mt, reflecting the stability in European VCM
and Asian spot prices, and pending fresh EDC indications.
Platts is part of S&P Global Commodity Insights.
Platts US EDC/VCM:
Spot export EDC prices stable on week
„ Higher EDC spot export levels due to elevated ocean
freight prices
„ Spot export VCM prices fall mirroring downstream export
PVC prices
EDC: US spot export ethylene dichloride prices held steady on
the week on Feb. 20 amid thin market activity.
Platts assessed spot export EDC prices at $285/mt FOB
USG on Feb. 20, stable on the week, above an indication heard
at $270-280/mt FOB USG, pending further corroboration of
lower prices.
Higher export pricing levels were heard on the week due to
the impact on ocean freight prices resulting from Houthi-rebel
attacks on commercial shipping in the Red Sea and transit
limitations at the Panama Canal, a source said.
Asian spot supplies were seen to be tight due to limited
deepsea supplies from the US amid ongoing US logistics
constraints.
"It's hard to compete on the export market with high ocean
freight prices to Egypt and India and extended delivery times," a
US trader said.
In Asia, Platts last assessed EDC prices Feb. 15 at $345/
mt CFR Far East Asia, stable on the week, and $360/mt CFR
Southeast Asia on Feb. 15, stable on the week.
In Europe, Platts assessed EDC prices at $365/mt FOB NWE
Feb. 20, stable on the week.
Polymerscan February 21, 2024
VCM: US spot export vinyl chloride monomer prices fell on the
week, mirroring downstream PVC prices.
Platts assessed VCM at $485/mt FOB USG Feb. 20, down $20
on the week, mirroring the decrease in US spot export PVC prices
on Feb. 14.
Platts also assessed domestic VCM prices at 47.50 cents/lb
Feb. 20, stable on the week, in line with stable downstream PVC
contracts.
The vast majority of spot export VCM is sold on contract in
Mexico, Colombia and Canada, leaving very little available for spot
deals. As such, prices tend to move in tandem with PVC.
"Demand is weak overall, there is no incentive and no real
drivers," a source said.
Downstream, PVC market participants said seasonal demand
started to pick up on the week to Feb. 14.
Domestic seasonal demand for PVC typically rises in March.
PVC is a construction staple mainly used to make pipes, window
frames, and vinyl siding.
In Asia, Platts last assessed VCM prices Feb. 15 at $590/
mt CFR Far East Asia, stable on the week, and at $650/mt CFR
Southeast Asia on Feb. 15, stable on the week.
In Europe, Platts assessed VCM prices at $680/mt FOB NWE
on Feb. 20, stable on the week.
Platts US EDC/VCM Weekly Rationale
EDC: Platts assessed US spot export EDC prices at $285/mt
FOB USG Feb. 20, stable on the week, above an indication heard
at $270-$280/mt FOB USG, pending further corroboration of
lower prices.
VCM: Platts assessed US spot export VCM at $485/mt FOB
USG Feb. 20, down $20/mt on the week, considering an indication
heard at high $400s/mt FOB USG and mirroring the decrease in
US spot export PVC prices on Feb. 14.
Platts also assessed domestic VCM prices at 47.50 cents/
lb delivered Feb. 20, stable on the week, in line with stable
downstream PVC contracts.
Platts is part of S&P Global Commodity Insights.
Asian EDC/VCM/Chlorine: Limited spot
discussions on Lunar New Year holidays
„ Tight EDC spot supply on limited deepsea US supplies
„ VCM production cost calculated at $691/mt
EDC: Platts assessed Asian ethylene dichloride stable on the
week at $345/mt CFR Far East Asia and $360/mt CFR Southeast
Asia Feb. 15 despite firm upstream market.
However, spot supplies were seen to be tight due to limited
deepsea supplies from the US amid ongoing logistics constraints
there. In addition, an arbitrage window was seen to be closed.
The FOB USG EDC price was assessed stable week on week at
$285/mt Feb. 13, S&P Global Commodity Insights data showed. A
freight rate from the US to Asia was reported at $100/mt.
On Feb. 14, Platts assessed CFR Northeast Asia ethylene price
© 2024 by S&P Global Inc. All rights reserved. 49
flat week on week at $940/mt.
On the other hand, the current EDC price was too high for
downstream production of VCM. Based on the current ethylene
and EDC price, VCM production cost was calculated at $691/mt,
almost $100/mt higher than the current VCM market.
VCM: Platts assessed Asian vinyl chloride monomer stable
week on week at $590/mt CFR Far East Asia and $650/mt CFR
Southeast Asia Feb. 15.
Spot price discussions were limited due to a lack of price
direction, as key market participants in China and Taiwan were
away for the Lunar New Year holidays.
Downstream, the PVC market was also assessed stable week
on week at $765/mt Feb. 14, according to S&P Global data.
However, the market trend was seen to be strong, as the
near-term downstream PVC market was seen to be firm and VCM
supplies were also limited ahead of plant turnaround season.
Market sources anticipated fresh PVC offers for March to
rollover to $20/mt higher than February.
Platts is part of S&P Global.
Platts Asian EDC/VCM/Chlorine Weekly Rationale
EDC: Platts assessed Asian ethylene dichloride stable week on
week at $345/mt CFR Far East Asia Feb. 15.
The assessment is low-end of a tradable value quoted by a
seller in the mid- to high $300s/mt CFR FE Asia.
Platts assessed CFR Southeast Asia EDC price flat on the
week at $360/mt Feb. 15 as no firm price indications were hear.
VCM: Platts assessed Asian vinyl chloride monomer flat on the
week at $590/mt CFR Far East Asia and $650/mt CFR Southeast
Asia Feb. 15.
No fresh price discussions were heard due to the Lunar New
Year holiday.
Platts is part of S&P Global Commodity Insights.
Methyl Methacrylate, Poly Methyl Methacrylate
Asia MMA: Prices steady;
limited Chinese offers heard
„ Indian buyers trying to suppress prices: trader
„ CFR China at $1,625/mt
Asian methyl methacrylate prices were unchanged in the
week to Feb. 21.
According to sources, market activity had resumed following
the return of Chinese market participants from the Lunar New
Year holidays, but limited Chinese offers were heard in the week
to Feb. 21.
Platts assessed MMA CFR China and CFR Southeast Asia
unchanged on the week at $1,625/mt and $1,705/mt, respectively,
Feb. 21.
The Indian MMA market started the week with buying
indications heard at $1,600-$1,700/mt CFR India for March arrival,
Polymerscan February 21, 2024
as buyers were trying to suppress prices amid high offers in the
market, a trader said.
A selling indication was heard at $1,720/mt CFR India for
March arrival.
Platts assessed PMMA CFR China and CFR Southeast Asia
unchanged on the week at $2,020/mt and $2,150/mt, respectively,
Feb. 21.
Platts is part of S&P Global Commodity Insights.
Platts Asian MMA Daily Rationale
Platts assessed the Asian methyl methacrylate CFR China
marker unchanged on the day at $1,625/mt Feb. 21, in line with
trade indication heard at $1,625/mt.
The CFR Southeast Asia marker was assessed unchanged
over the same period at $1,705/mt Feb. 21, in line with trade
© 2024 by S&P Global Inc. All rights reserved. 50
indication heard at $1,705/mt.
Meanwhile, buying indications were heard at CFR India $1,600-
$1,700/mt for March arrival, and selling indication was heard at
CFR India $1,720/mt.
Platts is part of S&P Global Commodity Insights.
This rationale applies to symbol(s) <AMMAC00> <AMMAS00>.
Platts Asian PMMA Daily Rationale
Platts assessed the Asian polymethyl methacrylate CFR China
marker unchanged on the day at $2,020/mt Feb. 21, amid no new
information heard.
CFR Southeast Asia was assessed unchanged over the same
period at $2,150/mt Feb. 21.
Platts is part of S&P Global Commodity Insights.
This rationale applies to symbol(s) <PMMAA00>, <PMMAC00>.
Polymerscan February 21, 2024

Subscriber Notes The new spreads are proposed to be published on a daily

basis for R-PP, and a weekly basis (Wednesday) for R-ABS and
Platts to discontinue redundant chemicals codes March 1 R-PS, in line with the frequency of virgin assessments in these
Platts, part of S&P Global Commodity Insights, will discontinue markets.
redundant chemicals codes, effective March 1. The calculated R-PS and R-ABS spreads will be derived
Platts never databased any values against these codes and from the price published on a Wednesday in each respective
there will be no impact on subscribers from this discontinuation. recycled market.
Platts first proposed discontinuing the redundant chemicals Please send all comments, feedback and questions to
codes in a subscriber note published Jan. 31: https://www. petchems@spglobal.com and pricegroup@spglobal.com by Feb.
spglobal.com/commodityinsights/en/our-methodology/ 27, 2024.
subscriber-notes/013124-platts-proposes-to-discontinue- For written comments, please provide a clear indication if
redundant-chemicals-codes-march-1 comments are not intended for publication by Platts for public
Platts will discontinue the following price codes: viewing. Platts will consider all comments received and will make
Code Description comments not marked as confidential available upon request.
AAAZJ00 PP Copol HMI CFR SE Asia Weekly Platts is part of S&P Global Commodity Insights.
AAAZK00 PP Copol HMI CFR SE Asia MAvg
AAAZG00 PP Copol HMI CFR W Asia Weekly
AAAZW00 PP Copol HMI CFR W Asia MAvg Platts proposes to discontinue US PE, PP domestic contract
price assessments
Platts will continue to provide a full coverage of propylene Platts, part of S&P Global Commodity Insights, proposes
markets in Asia, and will continue publishing its Asia copolymer to discontinue the weekly price assessments for US domestic
grade polypropylene assessments under the following codes: contract polyethylene and polypropylene effective July 1,
Code Description 2024, considering a lack of contract market transparency and
PHAIA00 PP Copol CFR SE Asia Weekly consistency.
PHBCI03 PP Copol CFR SE Asia MAvg
PHAHZ00 PP Copol CFR FE Asia Weekly After the discontinuation date, Platts will continue to provide
PHBCJ03 PP Copol CFR FE Asia MAvg insight into the domestic PE and PP markets as part of its export
AAAZA00 PP Copol CFR S Asia Weekly
AAAZB00 PP Copol CFR S Asia MAvg PE and PP coverage.
The PE and PP assessments are currently published in
Full details of Platts Asia Chemicals specifications can be Polymerscan, Platts Dimensions Pro/Platts Connect and Platts
found here. Market Center, as well as in the Price point database under the
Please send all comments, feedback, and questions to following symbols:
petchems@spglobal.com and pricegroup@spglobal.com. $/mt
Description Symbol M.Avg
For written comments, please provide a clear indication if conversion
HDPE B/Mldg US Domestic Dlvd Railcar cts/lb Weekly AALBL00 AASJG00 AALBM00
comments are not intended for publication by Platts for public HDPE Inj US Domestic Dlvd Railcar cts/lb Weekly AALBN00 AASJH00 AALBO00
viewing. HDPE Film US Domestic Dlvd Railcar cts/lb Weekly AALBP00 AASJA00 AALBQ00
LDPE US Domestic Dlvd Railcar cts/lb Weekly AAGZN00 AASIY00 AAGNL00
Platts will consider all comments received and will make LLDPE Butene US Domestic Dlvd Railcar cts/lb Weekly AAGZO00 AASIZ00 AAGNM00
comments not marked as confidential available upon request. PP Homo Inj US Domestic Dlvd Railcar cts/lb Weekly AAGZL00 AASJK00 AAGNJ00
PP Fiber US Domestic Dlvd Railcar cts/lb Weekly AAGZM00 AASJL00 AALBS00

Platts proposes to start publishing virgin/recycled PP, PS and

ABS spreads in Europe Please send any questions, comments or feedback
Platts, part of S&P Global Commodity Insights, is proposing to by March 29, 2024, to petchems@spglobal.com and
start publishing databased spreads between virgin and recycled pricegroup@spglobal.com.
prices for polypropylene, polystyrene and ABS markets in Europe, For written comments, please provide a clear indication if
effective April 2. comments are not intended for publication by Platts for public
The proposal comes following market feedback of shifting viewing.
consumption trends in all three markets based on the cost
competitiveness of recycled or virgin polymers, and ongoing Platts launches three R-PET price assessments in North
desire for increased pricing transparency between fossil based America and Asia
and sustainable plastics markets. The proposed new symbols Platts, part of S&P Global Commodity Insights, has launched
would be derived from the following Platts assessments: three daily recycled polyethylene terephthalate assessments
Recycled Basis Symbol Virgin Basis Symbol effective Feb. 1, 2024, for the US Southeast and Southeast Asia
R-ABS black pellet spot price - CRABS01 General Purpose ABS weekly spot - AAQCT00 markets.
Natural Polypropylene pellets daily spot Homopolymer PP daily spot assessment -
assessment - ARPEB00 AALUR00 The new assessments build on Platts' existing suite of
Black Recycled Polystyrene pellets spot price General purpose polystyrene weekly spot recycled polymers price assessments, adding further depth and
- RPSBN00 assessment - AALUN00
granularity to the Platts market coverage across different regions.

© 2024 by S&P Global Inc. All rights reserved. 51

Polymerscan February 21, 2024

For the US Southeast market, Platts has launched new The assessment would reflect the product with the following
daily US Ex-works Southeast region recycled polyethylene specifications:
terephthalate assessments for curbside bottle bales and Purity: Min 99.8%
clear flake, effective Feb. 1, 2024, to reflect current market Color APHA: Max 10 Hazen
fundamentals. Water content: Max 0.05%
In Southeast Asia, Platts has launched a daily FOB Southeast Inhibitor: 10-20 ppm
Asia recycled polyethylene terephthalate food grade pellets Laycan: 3-30 days forward delivery
assessment, effective Feb. 1, 2024. Basis: DDP NWE
The terms and specifications of the new assessments are as Location: Northwest Europe (Eur/mt)
follows: Quantity: 20-25 mt
Post-Consumer PET All market information reported to Platts may be considered
Recycled PET Clear R-PET food grade
Description Bottle Bales Standard
Flake EXW Southeast pellets FOB SE Asia and would be published, including firm bids and offers, trades
Grade EXW Southeast
Daily code APOSA00 APOSB00 PETF000 and indicative values, as well as any other data deemed relevant
W Avg APOSA04 APOSB04 PETF004 to the assessment process.
M Avg code APOSA03 APOSB03 PETF003
Type Spot Spot Spot Please send all comments, feedback, and questions to
UOM Cts/lb Cts/lb $/mt petchems@spglobal.com and pricegroup@spglobal.com by
Basis EXW Southeast EXW Southeast FOB SE Asia
North Carolina, South North Carolina, South Feb. 22.
Location Carolina, Florida, Carolina, Florida, Southeast Asia For written comments, please provide a clear indication if
Georgia and Alabama Georgia and Alabama
Cargo size 35,000-44,000 lb 40,000-45,000 lb 20-200 mt
comments are not intended for publication by Platts for public
Loading period 0-30 days 1-30 days 3-21 days viewing. Platts will consider all comments received and will make
Mixed color, excluding
comments not marked as confidential available upon request.
black and solid colors;
Color clear, transparent Clear Clear
green, transparent Platts to launch three new daily Ethylene Vinyl-Acetate DDP
light blue bottles
Post-consumer,
NWE spot assessments
Feedstock origin Post-consumer Post-consumer
curbside collection Platts, part of S&P Global Commodity Insights, will launch
Intrinsic viscosity N/A 0.72-0.78 dl/g Minimum 0.80 dl/g daily spot price assessments for three European ethylene vinyl-
Timing 4pm CST daily 4pm CST daily 4:30pm SGT daily
Publication schedule US US Singapore acetate grades, effective March 1.
The assessments were first proposed in the subscriber
Price information for the material with other terms and note below:
specifications may be normalized to the above stated standard. https://www.spglobal.com/commodityinsights/en/our-
The new assessments will be based on firm bids, offers, methodology/subscriber-notes/011024-platts-proposes-to-
trades, and indicative values as well as any other data deemed launch-three-new-daily-ethylene-vinyl-acetate-ddp-nwe-spot-
relevant to the assessment process. assessments
The new assessments will be published in Polymerscan and The daily assessments will be based on the latest information
Asia Petrochemicalscan (Asia prices only), the Platts real-time sourced from the market up to the close of the assessment
petrochemical service, Platts Connect and on the fixed pages process at 4:30 pm UK time on a daily basis.
PC0624 (US) and PC409 (Asia). Details of the proposed assessments are as follows:
Please send all comments, feedback, and questions to Product specifications:
petchems@spglobal.com and pricegroup@spglobal.com. Low EVA – below 10% vinyl-acetate content
For written comments, please provide a clear indication if Medium EVA – Between 10-25% vinyl-acetate content
comments are not intended for publication by Platts for public High EVA – above 25% vinyl-acetate content
viewing. Laycan:
Platts will consider all comments received and will make 3-30 days forward from date of assessment
comments not marked as confidential available upon request. Currency: Eur/mt
Cargo size: Between 25-100 mt lots for domestic business
Platts proposes to launch MMA NWE DDP spot assessment Basis and location: DDP NWE
April 2 Mode of transport: Trucks
Platts, part of S&P Global Commodity Insights, is proposing The assessments will follow the London publication schedule,
the launch of a new daily DDP NWE methyl methacrylate spot with weekly averages published every Wednesday.
assessment, effective April 2. The new assessments will be published in Platts Polymerscan
The proposed assessment would complement Platts existing and on Platts Connect.
assessments for feedstock acetone in Northwest Europe. Please send all comments, feedback, and questions to
Under this proposal, Platts would start assessing MMA on a petchems@spglobal.com and pricegroup@spglobal.com.
daily basis, providing a weekly commentary. For written comments, please provide a clear indication if

© 2024 by S&P Global Inc. All rights reserved. 52

Polymerscan February 21, 2024

comments are not intended for publication by Platts for public Platts invites feedback on its Asian chemicals specifications
viewing. guide
Platts will consider all comments received and will make As part of its commitment to open and transparent pricing
comments not marked as confidential available upon request. and product specifications, Platts, part of S&P Global Commodity
Insights, would like to invite feedback on its Asian chemicals
Platts to launch European, US hydrochloric acid contract prices specifications guide, posted online at https://www.spglobal.
Platts, part of S&P Global Commodity Insights, has decided to com/commodityinsights/PlattsContent/_assets/_files/en/
launch weekly hydrochloric acid contract prices for Northwest our-methodology/methodology-specifications/asia_pacific_
Europe and the US, effective Feb.6. petrochemicals.pdf.
Details of the new assessments are as follows: Platts reviews all methodologies annually to ensure they
US Europe continue to reflect the physical markets under assessment,
Basis and location: Delivered US Gulf Coast DDP Northwest Europe and regularly assesses the relevance of methodologies through
Long-term freely negotiated Long-term freely negotiated
Type:
contract contract
continuous contact with the market. Feedback on methodologies
Size: 5,000-15,000 st/year 3,000-5,000 mt/year is always welcome by Platts.
Delivered in current quarter Delivered in current quarter
Please send all feedback, comments or questions to
(Qr01) (Qr01)
Delivery period: petchems@spglobal.com and pricegroup@spglobal.com
Delivered in the following Delivered in the following
quarter (Qr02) quarter (Qr02) preferably by Feb. 29, 2024.
UOM: $/wet short ton (wst) Eur/liquid metric ton
Technical grade muriatric
For written comments, please provide a clear indication if
hydrochloric acid produced by comments are not intended for publication by Platts for public
Technical grade materials
burner or as a byproduct
produced as a by-product viewing. Platts will consider all comments received and will make
22 degrees Baume (HCL
Product specifications:
content:35.21%-36.95%)HCL
during polyurethane comments not marked as confidential available upon request.
production
content: 30%-33%
HCL content: 30%-33%
Iron content of less than 5.0 Platts backfills European December PX CP
ppm
Mode of transport: Truck or rail car Truck Platts, part of S&P Global Commodity Insights, has backfilled
the industry-settled European contract price for paraxylene
The prices will reflect contract prices for medium size deliveries in December in its database, following confirmation
customers, purchasing 5,000-15,000 st/year in the US and 3,000- that settlement was reached.
5,000 mt/year in Europe. The following symbols have been updated:
Pricing information deviating from the standard may be Paraxylene NWE CP AALHZ00 Eur960/mt
reflected in the assessments, subject to normalization. Paraxylene NWE CP AALHZ10 $1,063.58/mt
Platts defines a contract price as one freely negotiated These are now available in Platts Connect, Platts Market
against an annual commitment to supply or procure regular Center and Platts Market Data.
volumes. Please direct any questions or comments to
The assessments will reflect deliveries within specified petchems@spglobal.com and pricegroup@spglobal.com.
quarters, reflecting both the direction of ongoing negotiations
and concluded deals. Platts to discontinue publication of monthly European PX
All market information reported to Platts may be considered contract price
and would be published weekly, including firm offers and bids Platts, part of S&P Global Commodity Insights, will discontinue
in negotiations and indicative values, as well as any other data the monthly industry-settled European paraxylene FD NWE
deemed relevant to the assessment process. contract price, effective May 31, on limited participation in the
Platts will prioritize transparent and verifiable data that settlement process for European contract prices since 2022 and
has been tested in the market and reflects the negotiated and an increasing use of the Platts Asia Paraxylene CFR China/Taiwan
mutually-agreed absolute price. benchmark as a pricing reference by market participants.
The new assessments will be published in line with each Platts first began publishing the industry-settled European
regional publication calendar and will be based on the latest paraxylene contract price in 2003 and recognizes that
information sourced from the market up to the close of the participation in the PX industry-settled contract price mechanism
assessment process every Tuesday at 1:30 pm Central time for has decreased since 2022.
the US, and at 4:30 pm London time for Northwest Europe. The decision follows a proposal published Dec. 11, which can
Please send any comments or feedback to be found here: Platts proposes to discontinue publication of
petchems@spglobal.com and pricegroup@spglobal.com. monthly European PX contract price | S&P Global Commodity
For written comments, please provide a clear indication if Insights (spglobal.com)
comments are not intended for publication by Platts for public The discontinuation will affect the following symbols:
viewing. Paraxylene FD NWE CP Eur/mt AALHZ00
Platts will consider all comments received and will make Paraxylene FD NWE CP $/mt AALHZ10
comments not marked as confidential available upon request. The affected assessments appear on Platts Petrochemical

© 2024 by S&P Global Inc. All rights reserved. 53

Polymerscan February 21, 2024
Alert fixed pages 375 on Platts Connect and Platts Market Center,
in Polymerscan, Europe and Americas Petrochemicalscan and in
the Platts database.
Please send all comments, feedback and questions to
petchems@spglobal.com and pricegroup@spglobal.com.
© 2024 by S&P Global Inc. All rights reserved. 54
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing.
Platts will consider all comments received and will make
comments not marked as confidential available upon request.
March 18 -22, Houston, USA

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Positioning for the Next Upturn as Energy and
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