20 April 2010 10:05 [Source: ICIS news]
SINGAPORE (ICIS news)--India will export 905,000-930,000 tonnes of naphtha in May, slightly lower than the 980,000 tonnes shipped out in April due to the start-up of a new cracker last month, traders said on Tuesday.
"It’s due to Panipat (cracker) starting up," a trader said, attributing the drop in volumes to the newly commissioned cracker.
Feedstock propylene from the cracker was fed into IOC’s new 600,000 tonne/year polypropylene (PP) plant at the same site last week, with commercial output from the PP unit expected in the first half of May.
The company’s 650,000 tonne/year polyethylene (PE) facility was set to go on trial production in late April or early May and would achieve commercial output in early June.
Asia’s naphtha spread between the first half of June and the first half of July remained steady at $7.50/tonne (€5.55/tonne) in backwardation, according to global chemical market intelligence service ICIS pricing.
($1 = €0.74)For more on PP and PE visit ICIS chemical intelligence
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