12 February 2008 09:10 [Source: ICIS news]
SINGAPORE (ICIS news)--The trans-Pacific arbitrage window to Asia for light olefins opened briefly before the Lunar New Year holidays, with a westbound ship loaded with ethylene and propylene from Venezuela set to arrive into South Korea by mid-March, traders in Asia said on Tuesday.
The open arbitrage is seen to be a temporary phenomenon, reportedly due to excess supply from Venezuelan producer Pequiven.
Two lots ranging between 3-5,000 tonnes propylene and ethylene were shipped on the Clipper Helen, markets sources said, sold to a Korean olefins trader.
The ethylene portion of the cargo was said to be under negotiation, offered at around $1,400/tonne CFR.
The estimated shipping time between ?xml:namespace>
Hence, the estimated FOB
In comparison, US spot ethylene prices were now around 46 cents/lb, the equivalent of $1,013/tonne.
With talk of sliding prices in
The second export cargo from
State-run Pequiven operates two crackers in El Tablazo with a combined capacity of around 600,000 tonnes/year ethylene.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections