18 June 2008 12:05 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s polymer imports from South Korea will be delayed by up to three weeks due to a truck drivers' strike in Busan which began early last week, a source said on Wednesday.
Busan port, one of the busiest in ?xml:namespace>
Hanwha Petrochemical, another major South Korean producer, had not been able to export its cargoes since the stoppage, leaving thousands of tonnes of cargoes at the port, a China-based importer said.
With the strike tightening polymer supply, the current bearish
Domestic PP in China continued to see weakness currently, the second week of decline after sharp gains in early June, with prices slipping yuan (CNY) 400-200/tonne ($58-29/tonne) to CNY16,000-17,200/tonne EXWH (ex-warehouse) E China (east China), after a CNY100-500/tonne drop last week, traders said.
The downturn was mainly due to previous mark-ups on tight supply, said traders.
Domestic China PP supply had already been hit this month by a reduction in output by Sinopec related to its earthquake relief efforts and a fire at a Maoming Petrochemical plant.
In view of the strike, market participants expected high PP prices in June but they felt the values were likely to fall when the shortage was relieved in July.
The ongoing truckers’ strike in
($1 = CNY6.88)
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