The global naphtha market closed the month of September 2025 on a mixed note, driven by evolving trade flows, supply/demand for feedstocks, and downstream demand. In China, bearish sentiment prevailed, highlighted by sanctions-induced crude shorts that elevated domestic inventories, along with underlying weak construction activity that muted naphtha pull even as crackers ran stronger and pre-holiday restocking took place. Brazil had firm conditions based on tight supply and declining stocks, all while downstream demand was lackluster. US Gulf naphtha trends remained constructive on the back of stable refinery runs, firm petrochemical margins, and the rising cost of crude. Middle Eastern naphtha values were steady as lower crude exports were offset by adequate inventories and additional OPEC+ supply. The naphtha market showed an obvious East-West dichotomy with oversupply and weak demand in Asia, tight conditions supporting Brazil's firm market, and balanced feedstocks affecting the US and Middle East. The divergence in supply/demand fundamentals forms a volatile backdrop to start trading in October for global naphtha trade.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
