Asia ethylene market stable-to-firm, eyes recovery
Ethylene spot prices rose slightly, led by southeast Asia. Some participants said the market was close to the bottom following cuts in cracker operating rates to around 80-90% in Asia and prevailing low ethylene prices.
Discussions to sell ethylene at above $1,000/tonne CFR NE Asia were heard to be underway although it was not clear if any deals were done. Several end-users said they were covered for December and were not seeking spot material.
In southeast Asia, a prompt November regional cargo was heard changing hands at above $1,050/tonne CFR SE Asia but further details were not available. Buying ideas were maintained at close to $1,000/tonne CFR SE Asia and there was talk of selling interest at above $1,050/tonne CFR SE Asia.
Production news
JX Nippon Oil & Energy plans to shut its 460,000 tonne/year naphtha cracker in Kawasaki, Japan, for scheduled maintenance from 12 August to 1 October 2012, a company source said.
Today in ICIS news:
17 Nov 11 09:20 Taiwan’s Dairen Chemical to restart No 2 VAM plant at end Nov
17 Nov 11 08:27 China May LLDPE futures fall 1.6% on bearish sentiment
17 Nov 11 07:09 China’s Yangzi Petrochemical shuts Nanjing HDPE line briefly
