Asian ethylene prices climbed up across Asia last week on the back of unplanned shutdowns caused by power outage at South Korean crackers Lotte Daesan and LG, resulting into ethylene spot prices shooting up immediately.
The rising trend in North East region was arrested on account of availability of ethylene supplies from Taiwan.
Sources informed that prices in South East Asian region have marched higher to $1000 per metric ton CFR levels compared to $950 per metric ton CFR quoted in North East Asian region owing to excess supplies from Taiwan.
Asian olefin sectors also showed bullish trend on account of steady and sharp rise last week in upstream energy values and indications of a rise in demand in derivative PE sector.
South East Asia buyers could not purchase lower priced ethylene cargo from North as freight costs from North to South East Asia remained very high.
Malaysia's Optimal Olefins may plan to restart its 600 kilo ton per annum cracker later this week as its facility's turnaround has been completed.
marketing@alchempro.com
