Iran sells H1 September ethylene at $1,350/tonne

25 August 2008 07:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Iran Petrochemical Commercial Co (IPCC) has sold a second ethylene (C2) cargo via tender to a southeast Asian buyer at close to $1,350/tonne for first-half September loading, said a source close to the commercial arm of state-owned National Petrochemical Co (NPC) on Monday.

"There was congestion at the last discharge port of the vessel so the cargo will now be loaded before mid-September," the source said, declining to provide further details.

The 4,500 tonne cargo was earlier expected to be loaded from Assaluyeh and/or Bandar Imam Khomeini (BIK) during 1-2 September.

The tender had closed on 23 August and was awarded based on a CFR (cost and freight) basis.

IPCC’s first tender cargo for early September loading was heard sold to an unnamed South American buyer at around $1,800/tonne CFR due to poor buyer sentiment in Asia.

Traders had speculated that the shipment was headed for Venezuela, where there was some demand from the downstream polyethylene (PE) sector.

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By: Peh Soo Hwee
+65 6780 4359

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