Global basic chemical prices have fallen all the way

In the downgrade of the US Treasury bond credit rating, the European debt crisis spread to countries in the euro zone, and even under the shadow of rumors that France may lose AAA sovereign credit, investors’ concerns about the global economic outlook have escalated again, and panic has spread from the capital market. To the commodity market. At the same time that global stock markets crashed, the prices of global basic chemicals fell rapidly this week. Many traders began to hold their currencies and trading activities drastically decreased.

Affected by the further spread of market panic, in the first 7 trading days in early August, the price of crude oil on the New York Mercantile Exchange fell nearly 20%, once fell below the 80 US dollars/barrel mark on August 9 and reached a minimum of 75.7 US dollars/barrel. , fell to the lowest in the past 10 months. Affected by this, global chemical market prices have begun to decline.

In the Asian market, the price of butadiene on August 8th has fallen to 3930-3980 USD (ton price, the same below, CFR, Northeast Asia), which is a drop of 70 dollars compared with August 5. The price of Asian styrene monomer fell by only US$70 a day on August 8, and the price of a styrene monomer with a letter of credit of 90 days dropped from US$1,520 (CFR, China) on August 7 to US$1455-1460 (CFR). ,China). The price of ethylene glycol also dropped from 1,230 to 1,240 U.S. dollars (CFR, China) on August 5 to 1,170 to 1,190 U.S. dollars on August 9 (CFR, China). Some styrene-butadiene rubber makers this week have already lowered their non-oil-filled 1502 styrene butadiene rubber prices to $4,550 to $4,600 (CFR Asia), which is a drop of $150 to $200 over the previous offer. In addition, the price of Tokyo natural rubber ** continued to fall, and the price of 358 yen/kg on August 9 was the lowest level in the last five weeks.

In Europe, ethylene prices fell from 1007 to 1013 euros (FD, Northwest Europe) and 1415 to 1,420 US dollars (CIF, Northwest Europe) on August 5 to 1002 to 1,008 euros (FD, Northwest Europe) on August 9. USD 1415 to 1420 (CIF, Northwest Europe). The price of methanol fell from 272.5 to 273.5 euros (FOB, Rotterdam) on August 5 to 269.5 to 270.5 euros on August 9 (FOB, Rotterdam). ** Prices also fell all the way, and on August 9th, they further reduced their prices to 810 Euros (North West Europe).

In the US market, methanol prices fell from 123.25 to 123.75 cents/gallon (FOB, US Gulf) on August 5 to 115.75 to 116.25 cents/gallon (FOB, US Gulf). The price of phenol fell to US$1,386 to 1,408 (FOB, US Gulf) on August 10, down from US$99 last week.

Although the crude oil inventories were significantly reduced by the United States, crude oil prices on the New York Mercantile Exchange rebounded to 82.89 US dollars/barrel after falling sharply for two consecutive days on August 10. However, market participants said that buyers will mostly wait and see until the economic situation becomes clear. attitude. If market panic continues to spread or the economic situation further deteriorates, the embarrassing situation of stagnant trading is unavoidable, and chemical prices may also decline. “The market is so uncertain that we can only wait and see. If the US economy goes into recession, it will have a more serious impact on the market.” The Asian trader expressed the view of the majority of market participants.