Propylene prices march higher in Southeast Asia
Last week, propylene prices gained in the Southeast Asian region while being left unchanged in other parts of Asia.
An industry source in Asia requesting to remain unidentified informed a Polymerupdate team member, "A slight rise in demand for cargoes slated for arrival in June and reports of improved polypropylene (PP) margins pushed prices higher, though a subdued purchase appetite could restrain the movement of prices on the higher side.”
The source added, “However, producers are generally unwilling to lower offers owing to their margins being pressured, even as availability of spot import cargo is heard to be limited.”
On Friday, CFR Southeast Asia propylene prices on Friday were assessed at the 825-835/mt level, a rise USD (+20/mt) week on week.
Meanwhile, FOB Korea propylene prices were assessed steady at the USD 815-825/mt levels while FOB Japan propylene prices were assessed stable at the USD 820-830/mt levels.
CFR Taiwan propylene prices were assessed at the USD 845-855/mt levels while CFR China propylene prices were assessed at the USD 845-855/mt levels, both steady from the previous week.
In plant news, Zhejiang Petrochemical has resumed operations at its No.2 naphtha cracker on May 17. It was under a maintenance turnaround for over a month and a half. It is presently running at full capacity levels. The cracker has a propylene capacity of 700,000 mt/year.
JG Summit Olefins has restarted its cracker. It was shut owing to technical issues on May 13, 2024. Located in Batangas in the Philippines, the cracker has a propylene production capacity of 240,000 mt/year.
