Asian Olefins Down on Formosa Outage

Naphtha maintained at 627.0-629.0 CFR Far East last week. The product is under pressure as there is surplus in the market. Ethylene prices moved down from USD 840-850 to USD 810-820 FOB Korea due to production issues at one of Formosa Petrochemical’s crackers. Market sentiments are still on the lower side and prices have not shown any rising trend in the price levels. The Formosa plant is expected to restart in about 2-3 months, market watchers say. In the coming weeks this short supply of ethylene might affect the price levels and availability in the...

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