19 April 2007 12:26 [Source: ICIS news]
MUMBAI (ICIS news)--Bank of America (BoA) on Thursday said project timelines for all ethylene crackers point to a cyclical decline in the market between 2009 and 2011, based on aggregate growth in nameplate capacity of 24%.
The brokerage said that a supply-driven downturn is likely to occur despite ongoing project delays in ?xml:namespace>
BoA expects global ethylene demand growth of 4.2% to outpace capacity growth of 3.4% in 2007, adding it expects an increase of $0.02/lb in the April US ethylene contract, following a $0.015 hike in March that was the first bump upwards in seven months.
The brokerage said it remains cautious on ethylene names like Nova Chemicals, Lyondell,
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