COMMENTARY

Petrochemical prices declined steeply last week for the second straight week amid plunging oil prices and vanishing demand. European spot naphtha only declined $40/m.t., but losses rampaged in spot olefins markets. Ethylene lost €280/m.t., almost a third of its price from a week ago. Butadiene gave up $360/m.t., bringing it in line with fourth-quarter contracts. Propylene held to small losses of only €30/m.t. Producers continue to rationalize marginal production, but as yet to no avail, market sources say. Some producers say that spot loses in aromatics were...

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