“I can export all day at 64,” a trader said.
Traders said they were able to easily sell blow molding into into Antwerp at $1,540/mt CFR. Considering freight of about $70/mt, there was plenty of margin for exports.
“I think producers are moving it internally, too, since their costs are so much lower in the US,” a trader said.
European ethylene costs have been impacted from the recent jump in oil prices, while US ethylene economics have been spared the oil surge as they are based more on ethane.
The spot ethylene price in Europe was assessed Wednesday at Eur1197.5/mt ($1,665/mt) FD NWE, which was significantly higher than the US price, which was close to 54 cents/lb ($1,193/mt) FD USG.