Rise in crude prices along with product shortages due to a series of plant outages planned for maintenance beginning March, has pushed up Asian propylene prices.
The continuing climb in crude prices may push up propylene feedstock resulting into a change in downstream market scenario which is mainly slack at present.
Propylene deals in Asia last week hardened at $930 per metric ton FOB Korea levels surging to $940 per metric ton FOB mark today.
Sensing a change in trend, propylene traders are withholding offers with intent for price hike later, sources said.
Global energy price trend's effect on downstream product rates coupled with Chinese effort to replenish diminishing product stocks, may activate the region to strengthen propylene prices, he added.
But failure to repeat last week's deals by other buyers across the region may dampen seller's buoyant mood.
Meanwhile, Asian markets opened at following price points on FOB Korea in US $ value, today morning.
Benzene $715-730 per metric ton
Paraxylene $970-985 per metric ton
Styrene Monomer $980-995 per metric ton
http://www.jgc.co.jp/en/02bisdmn/04petrochemicals_chemicals/exp_1.html
marketing@alchempro.com
