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End of spring festival may signal revival in petrochemical markets
Feb '09
Driven by higher market price of naphtha, January ethylene price offered by CPC Corporation, Taiwan should have risen by US $100 per ton, or nearly 18 percent, but after being calculated by the new formula, the price stood at $650 to $660 per ton, still slightly lower than the spot market.

CPC Corporation points out that, since the spot markets of ethylene, propylene, and butadiene have rebounded from the bottoms, light cracking plants in Asian region have increased their operating rates, naphtha demand has enlarged, in turn, stimulating naphtha price from $320 per ton to a high of $420 per ton at present.

However, CPC Corporation believes that activity in spot markets in Asia is steadily increasing, Up to now; Northeast Asian market price for ethylene has risen to $670-680 per ton, plus other additional costs of up to $30-40 per ton. This translates in to an actual purchase price of $700 per ton. In other words, it will still be cost-effective to take supply from CPC Corporation.

Downstream petrochemical plants expect that, demand from the mainland market will increase after completion of spring holidays and they have increased capacities as well as inventories in anticipation of another upward wave of ethylene derivatives. The spot price of high-density polyethylene (HDPE) as an example has also moved to a high of $900 per ton.

Fibre2fashion News Desk - China

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