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Prices of Ethylene Glycol touch new lows
27
Feb '09
Sinopec, China has considerably reduced prices of ethylene and ethylene glycol (EG). Prices of EG have fallen below US $500 per ton, representing a weekly drop of US $46 per ton, a decline of nearly 10 percent, to set a record low in 2009.

Industrial sources say that the decline of Poly-Ethylene (PE) and EG in China will have impact on the fortunes of Formosa, South Asia, East Union, FCFC, Asia Polymer and other manufacturers, who are all major petrochemical manufacturers in Taiwan.

Currently the major EG manufacturers in Taiwan are South Asia and East Union and that of PE, Formosa Plastics Taiwan poly and Asia Polymer and the major PTA manufacturer is FCFC.

According to market reports emanating from the Far East region, ethylene spot prices fell another $10 per ton in a week to touch $640-650 leading to the same quantum of decline of $10 per ton, in Taiwan too to reach $680 per ton.

Petrochemical industry sources point out that, since the current price of naphtha is $430-450 per ton, so they aver, ethylene must sell at a minimum of $700 per ton to avoid any operating losses.

But now since ethylene spot prices are ruling below $700 per ton, it is bound to impact the profits of Formosa Petrochemical and CPC Corporation in Taiwan to a great extent, till prices normalize to over $700 per ton.

Fibre2fashion News Desk - China

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