Recently, South African chemical giant Sasol said it expected that the global olefins and polyolefins market, which is currently facing challenges, will begin to rebalance in the first half of 2024.
In its recently released chemical price outlook, Sasol said: “Market rebalancing of the global ethylene/polyethylene value chain is expected to begin in the first half of 2024, and market rebalancing of the propylene/polypropylene value chain is expected to begin in 2025. Starting." Sasol said: "As we are still in a down cycle, global commodity chemical prices and margins are still under pressure. Due to weak global economic conditions, low demand has exacerbated oversupply in the current market.
Sasol predicts that the price of polyethylene and polypropylene in Northeast Asia will be US$850-1,200 per ton in 2024, while the US ethylene trading price will be US$550-780 per ton. The price of ethane feedstock is expected to follow natural gas prices, which are driven by U.S. natural gas inventory levels, the company said. Due to the current abundant supply of natural gas in the United States, the average price of ethane is expected to be between 20 and 40 cents per gallon in 2024.
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