Chemical prices unlikely to be hit by cyclone Gonu

07 June 2007 15:06  [Source: ICIS news]

MUMBAI (ICIS news)--Chemicals prices are unlikely to be affected by cyclone Gonu that hit Oman’s central coast, said a market research analyst from a Dubai-based firm on Thursday.

 

“The storm has passed through and is unlikely to impact prices of chemicals, apart from some delay in supplies of around 48 hours,” he added.

 

The cyclone Gonu hit Oman's central coast early Wednesday. 

 

Crude oil prices had risen earlier as a knee-jerk reaction anticipating Gonu hitting the Oman coast.

 

“If the storm does pass on now, then there may actually be a correction in prices” said Avinash Raheja, analyst at India-based Comtrendz Research.

 

However, Oman’s supply chain has also not been impacted adversely. "Delivery of polyvinyl chloride (PVC) to a few companies like Oman Pipes, has not been disrupted following the cyclone," said a Doha-based source from Japanese chemicals firm, Marubeni.

 

All carriers at the Oman coast will be halted, and the Muscat port is closed till Saturday. However, no real impact is expected due to the cyclone," Denmark-based shipping firm, Maersk Line said.

 

By: Isha Jha
+65 6780 4359

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