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Crude oil prices put upward pricing pressure on petrochemicals
21
Jun '08
Surging crude oil prices are having a multiplier effect on the down stream petrochemical prices. This obliviously was expected with crude touching record levels of US $137 per barrel.

The steady increase in crude oil prices is putting upward pricing pressures and compelling down stream petrochemical players to also increase their prices. Ethylene for Northeast Asia was quoted around US $1630-1640 per metric ton this week compared to US $1550-1560 last week.

Pure Benzene prices offered by China based petrochemical enterprise also went up steadily. Jinzhou Petrochemical offered at 10300 Yuan or US $1497 per ton, up 500 Yuan or US $72.70 from the previous session. Benzene from Jilin Petrochemical and Daqing Petrochemical is quoting at 10400 Yuan or US $1512 per ton.

Naphtha is being offered at US $1116.77 per ton on (CIF) basis for Northwest Europe, which was 1030.94 per ton a fortnight ago a hike of US $ 86 per ton.

Propylene prices have also jumped from US $1655-1665 to US $1740-1750 per ton.

The mainstream price in domestic Chinese market for PSF 1.4 D which was in the range of 10950-11200 Yuan or US $ 1592-1628 per ton (deliver to buyer for cash or acceptance) last week is now hovering around at 11900-12100 Yuan or US $1730-1760, a climb of nearly US $130 in a fortnight.

Industry experts do not foresee a reduction in prices of these key feedstock raw materials in the immediate future on the back of ever climbing prices of crude oil.

Fibre2fashion News Desk - India

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