Over the last two weeks, propylene prices have plunged by almost 100 dollars in Northeast Asia and Southeast Asia. After declining for two consecutive weeks, propylene prices hit a thirteen months' low on news that Taiwan's Formosa Petrochemical Corporation (FPCC) would issue offers for July propylene cargoes produced at its new No.3 cracking unit. Asian propylene prices are estimated to sink below the US$1000/mt mark, even as naphtha prices and downstream PP market keep firm.
Concerns from the buyers of increasing supply pressure have led to a slight dip in ethylene market prices. A gap in buying interest at US$1070-1080/mt CFR China and selling intention above US$1100 continues. S. Korea's Yeochon Naphtha Cracking Centre (YNCC) will restart its ethylene-cracking unit on Jun 21st after a monthly turnaround.
15-Jun-07 
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