Asian Olefins Prices Rise on Increased Demand

Naphtha in Asia has strengthened a bit, rising from USD 670.0-672.0 to USD 675.0-677.0 CFR Far East. An upsurge in demand has been apparent, due to an outage at Formosa late last month. Formosa is buying large volumes of naphtha, especially from the Middle East, and slight firmness in the price of naphtha is expected, traders say. This price trend is expected to continue till October once one of Formosa’s units restarts. India is expected to export about 850,000 m.t. of naphtha in September. Shutdowns are expected in the Middle East at ADNOC in the UAE. The...

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