Chemical Updates

Asian Ethylene: Steady as naphtha eases from highs / Northeast Asia ethylene holds at $980/mt on support / Naphtha feedstock costs ease $50.25/mt / Physical spot supply remains extremely scarce

Jul 25, 2026

CFR Northeast Asia ethylene was assessed stable day over day and up $40/metric ton week over week at $980/mt July 24, supported by tradable discussions at that level for 3,500 mt H2 August–H1 September cargoes, even as upstream naphtha feedstock costs eased from recent highs. A CFR Taiwan buying indication was heard at $950/mt for a similar-sized parcel — reflecting continued downward pressure on buyer levels in that sub-region. Naphtha CFR Japan eased through the session, moving from a previous close of $985.75/mt to $946.25/mt in the morning and settling further at $935.50/mt in the afternoon — a net decline of $50.25/mt day over day. While the softer feedstock tone provided some relief to cracker margins, the ethylene–naphtha spread remained deeply compressed, with market participants noting that replacement costs continued...

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