Propylene market in Asia is facing a terrible situation signaled by reduced operating rates by producers, cancellations of term cargoes and sluggish derivatives demand. Crippled Asian demand for propylene derivatives (polypropylene, acrylonitrile, phenol and acrylic acid) has led to a drop in its benchmark which settled at US$800/mt FOB Korea and US$845/mt CFR China on Wednesday. This marked a decline of around US$50 - 60/mt in propylene benchmark. In addition, the global economic recession has marred the consumer confidence thereby reducing demand for petrochem products. According to the traders, there are no indicators whatsoever for the propylene and its derivatives prices to bounce back.
16-Oct-08 
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