05 January 2010 09:34 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea is unlikely to export any spot ethylene in January and February due to upcoming turnarounds and strong demand from the country's downstream market, traders and producers said on Tuesday.
"We will only look to fulfil our contract commitments in January and February, because supplies are very tight in ?xml:namespace>
Market players said that a planned shutdown at South
Industry sources said LG Chem planned to shut its 900,000 tonne/year cracker for a month in March and had already started to restrict export sales to build up its inventory levels.
Other producers were expected to step in and make up for the resulting supply shortfall in the domestic market, sources said.
Industry sources said downstream demand, particularly from the polyethylene (PE) sectors, was strong and diverted ethylene away from the South Korean export market.
Another cracker operator in South
Producers pegged offers for spot material at $1,250-1,300/tonne (€863-897/tonne) FOB
($1 = €0.69)For more on ethylene visit ICIS chemical intelligence
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|