Demand for ethylene edged higher, especially in the northern parts of Asia, as the supply reduced.
Due to the strength in crude and naphtha prices the prices in the ethylene markets also climbed.
Buyers anticipating further hike are slowly finalizing deals for April and May.
Sources informed that the trader offers were pegged at around the US $1000 per metric ton CFR mark but the buyer bids are lowered to about $940 per metric ton.
However, sellers claim their offers fair with the higher crude prices.
They explain that since the CPC has cut-down its ethylene production from 90 percent to 75 percent and several other major players reducing their output, the availability of stocks in the markets are bound to drop significantly.
Thus, seller sources reported that their offers for May stand at around $1030 per metric ton CFR mark for North Asia while that for South East are even higher.
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