May European ethylene contract price drops

May European ethylene contract

May European ethylene contract price drops by EUR100 per tonne

May European ethylene contract

MOSCOW – The contract price of ethylene in Europe for May deliveries was finally agreed at EUR620 per tonne, which is EUR100 per tonne lower than the level of the previous month, ICIS reported.  May European ethylene contract

The contract price was approved on the terms of FD NWE (with delivery to North-West Europe).

This contract price was directly confirmed by two manufacturers and four consumers of the material, which is the minimum necessary configuration for approving the contract price of propylene.

At the same time, confirmation of the May contract price of ethylene is expected from three more manufacturers. May European ethylene contract

This is the lowest monthly contract price of ethylene since February 2009. Over the past three months, the contract price of ethylene fell by EUR350 per tonne due to the coronavirus pandemic, which affects raw materials prices in the upstream market and demand in the downstream market.

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

According to the ICIS-MRC Price Review , last week in Russia, price discussions on May deliveries of PE started, in most cases, sellers announce prices lower. The only exceptions are the prices of high pressure polyethylene (LDPE) of individual sellers.

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Author: Margarita Volkova

 

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“This is an industry that is renowned for bringing it all back up very fast”, they said.

While some plants have announced longer shutdowns, others are in what is called a ‘warm’ shutdown, wherein a plant can be up and operating within a week.

Around 20% of the shuttered ethanol plants are in a cold shutdown. It will take around six weeks to get one of these plants back online, according to Green Plains.

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The European automotive sector has proposed a plan to help restart the crippled industry after Covid-19 lockdown restrictions are eased, following closures amid the pandemic and new car sales all but vanishing in April   Petrochemicals Graphene BioPackaging

EU-wide production losses since mid March, as a result of automotive factory shutdowns, have reached 2.3mn vehicles, according to the European Automobile Manufacturers’ Association (ACEA).

New car sales have also fallen drastically. The UK automotive market in April experienced its worst ever month as the pandemic closed showrooms and dealerships across the country, causing new car sales to fall by 97.3pc on the year. New car sales in France fell by 88.8pc on the year in April and the Italian market fell by 97.5pc from last year.

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“We’re probably going to be stretching that out a little longer…as we slow those down a bit. We’ll see how long that delay will be, depending on what we see from a demand perspective, and how the year plays out. Those can be restarted at any time”, said Vergnano. Petrochemicals Graphene BioPackaging

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It sees real gross domestic product (GDP) in the EU27 contracting by 7.4pc. For the eurozone this contraction is 7.7pc, broadly in line with the most recent forecast from the IMF. Petrochemicals Graphene BioPackaging

The commission then sees inflation-adjusted EU GDP growth of 6.1pc in 2021

The commission noted variations across the EU27 because of the degrees to which the Covid-19 pandemic has affected different countries and because of the relative strengths and weaknesses of member states’ economies. Greece (-9.7pc), Italy (-9.5.pc) and Spain (-9.4pc) perform worse than Austria (-5.5pc) and Poland (-4.3pc). It said the EU’s largest economy, Germany, faces a 6.5pc GDP cut, and France faces an 8.2pc cut.

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Heavy-gauge sheet made from Selenis materials is used in point-of-sale protective barriers, while thin-gauge sheet is used in face shields, he added. Shrink-sleeve labels on bottles of hand sanitizer also use Selenis materials.

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Now, the coronavirus pandemic has added health and safety concerns, employment shortages and a general slowdown in manufacturing.

“It’s every possible challenge you could imagine,” said Joe Pickard, chief economist for the Institute of Scrap Recycling Industries (ISRI), in a webinar hosted by several recycling stakeholder groups last week. He said that the current situation may represent the most difficult time many recycling companies have ever faced.

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Maitland, Fla.-headquartered Cement Lock wants to source hard-to-recycle plastics as a fuel for a cement admixture. The company aims to commercialize with facilities around the country, and under the company’s plan, each would have two kilns capable of consuming 100 tons per day of plastic, said Al Hendricks, CEO of Cement Lock. The company does not yet have any commercial-scale sites operating. Petrochemicals Graphene BioPackaging

Hendricks and his partners in the company in 2007 purchased the technology, which was originally developed to use sediment from Superfund sites as its feedstock. More recently, however, the company began exploring additional feedstocks.

“Over the last 18 months, I shifted my focus into plastic recycling,” Hendricks said in an interview. “We can take that same material nobody else wants, we can chip it or shred it, and use it as fuel to feed our kilns.”

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-May European ethylene contract price drops by EUR100 per tonne

The contract price of ethylene in Europe for May deliveries was finally agreed at EUR620 per tonne, which is EUR100 per tonne lower than the level of the previous month, ICIS reported.

The contract price was approved on the terms of FD NWE (with delivery to North-West Europe).

This contract price was directly confirmed by two manufacturers and four consumers of the material, which is the minimum necessary configuration for approving the contract price of propylene.

At the same time, confirmation of the May contract price of ethylene is expected from three more manufacturers. Petrochemicals Graphene BioPackaging

May European ethylene contract price drops by EUR100 per tonne

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German industrial production plummeted in March and was expected to have kept falling in April because of Covid-19, the economy ministry said.

Manufacturing output had picked up in January-February (see manufacturing demand graph).  Petrochemicals Graphene BioPackaging

But March’s seasonally and working-day adjusted output fell by 11.6pc from February and was the lowest for the month since at least 2015.

January-February output had climbed by 2.3pc from November-December, the ministry said previously, and had been on track to recover from an industrial recession.

Covid-19 triggers sharp German manufacturing decline

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Chinese polypropylene (PP) and polyethylene (PE) inventories held by key state-controlled producers Sinopec and PetroChina were 935,000t today, up by 140,000t from a week earlier.

The inventories remain high compared with typical levels of around 700,000t.

But despite the rise in stocks, polymer prices continued to rebound after the 1-5 May labour holiday in China.  Petrochemicals Graphene BioPackaging

China’s PE, PP inventories increase

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