06 June 2008 09:20 [Source: ICIS news]
TOKYO (ICIS news)--Japan’s production of ethylene in May increased 4.3% compared with the previous month, the government said in a statement on Friday.
The country produced 594,400 tonnes of ethylene in May, up from 570,000 tonnes in April on a preliminary basis, the Ministry of Economy, Trade and Industry (METI) said in a statement.
However, this was a 7.6% year-on-year decrease from 643,200 tonnes in 2007, the ministry added.
In May, three ethylene plants were shut for turnarounds, while two plants were undergoing turnarounds in April 2008 and May 2007, according to METI.
Meanwhile, Asian ethylene prices have been rising due to a lack of supply, with prices said to be hovering in the mid $1500s/tonne to the high of $1,600/tonne CFR (cost and freight) China based on bids/offers heard in the market, according to global chemical market intelligence service ICIS pricing.
Prices were also heard higher in South Korea, with a deal concluded at $1505/tonne FOB (free on board) Korea.
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