Low density polyethylene prices edged lower across South Asia this week, with traders staying cautious despite the backdrop of rising global oil prices and simmering geopolitical tension.
A regional source told Polymerupdate that crude’s upward march, fueled by the Russia-Ukraine conflict and uncertainty over possible new U.S. sanctions on oil producers, has done little to stir polymer markets. LDPE values in the Far East were steady at USD 1020–1060 per metric ton CFR, with Middle Eastern offers to China holding in the same range for October shipment. Competitive U.S. cargoes and the prospect of new Chinese capacity kept buyers hesitant, while some Middle Eastern suppliers maintained firmer offers on tightening inventories ahead of fourth-quarter plant turnarounds.
Southeast Asia remained flat at USD 1060–1110 CFR. Vietnam was the lone bright spot for activity as Middle Eastern sellers met stiff competition from U.S. and Northeast Asian shipments, but other markets saw limited spot trade as buyers sat on healthy stocks.
India recorded the clearest drop, with LDPE assessed at USD 1080–1110 CFR, down USD 20 from last week. Traders reported weak downstream demand and buyers delaying purchases on expectations of further softening. A depreciating rupee added to import pressure, while domestic material at competitive prices reduced the need for new imports.
Pakistan followed with a USD 10 decline to USD 1070–1090 CFR. Heavy flooding and crop damage weighed on food-packaging demand, though some buyers hope post-monsoon harvest activity will lift consumption slightly in October. Sri Lanka slipped to USD 1130–1160 CFR, down USD 10, as buyers waited for fresh offers, while Bangladesh held steady in the same range with sentiment still bearish.
Feedstock moves were mixed. Ethylene fell USD 5 to USD 840–850 CFR Northeast Asia but rose USD 10 to USD 845–855 CFR Southeast Asia.
On the production side, Sinopec Maoming Petrochemical is planning a maintenance turnaround at its No. 2 LDPE unit in Guangdong by early November, though the shutdown duration remains unconfirmed. The plant has a capacity of 280,000 metric tons per year.
Despite firmer crude, the region’s LDPE market remains subdued, with ample supply, hesitant buyers, and little sign of a near-term rebound.
