Propylene prices rise in parts of Asia
Last week, propylene prices inched higher in part of the Asian region while quoting stable in other parts of Asia.
On Friday, FOB Korea propylene prices were assessed at the USD 815-825/mt levels, a rise of USD (+5/mt) from the previous week. An industry source in Asia requesting to remain unidentified informed a Polymerupdate team member, "Prices gained moderately with key markets like China, Taiwan, and South Korea reporting some restocking activity prompted by a volatile energy market.”
Meanwhile, CFR China propylene prices were assessed at the USD 845-855/mt levels, unchanged week on week. CFR Southeast Asia propylene prices on Friday were assessed at the 840-850/mt levels and FOB Japan propylene prices were assessed at the USD 825-835/mt levels, both constant from the previous week.
CFR Taiwan propylene prices were assessed stable at the USD 855-865/mt levels. The Asian propylene market was largely unchanged, with buyers preferring to remain on the sidelines amid increases in offer levels led by strong upstream prices.
The source added, “Buyers have adopted a wait and watch approach in a market environment which has been characterised by a lack of purchase interest and contraction in downstream production margins. This, in turn, has impeded the rise of the propylene market along with a rise in energy prices.”
In plant news, Sinopec Zhongyuan Petrochemical has shut down its cracker for maintenance in early April 2024. Further details on the duration of the shutdown could not be ascertained. Located in Puyang, Henan in China, the cracker has a propylene capacity of 95,000 mt/year.
