Lowered upstream energy prices led to a sharp drop in ethylene prices in Asia, last week.
Sources reported that though prices were pegged at US $1050 per metric ton FOB Korea last week, following SECCO plant's outage, the sellers have raised their bids to $1080 per metric ton FOB Korea levels for current week.
Traders stand firm on these high offer prices despite buyer resistance, foreseeing shortage in supply and growing demand, due to closure of several plants.
Besides SECCO, Malaysia's Titan also cut down its 260 kilo ton per annum ethylene production capacity to 80 percent on account grounds of technical problem.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
