19 April 2013 07:09 [Source: ICIS news]
SINGAPORE (ICIS news)--Malaysia’s Lotte Chemical Titan Holding failed to award a tender to buy 3,000-5,000 tonnes of ethylene for late May arrival as offers were higher than expected, a source close to the company said on Friday.
Offers were at the mid-to-high-$1,200/tonne (€924/tonne) CFR (cost and freight) southeast Asia levels, while the company was seeking to purchase ethylene at the low-$1,200/tonne CFR SE Asia levels, the source said.
The tender was issued early this week and closed on 18 April, market sources said.
Titan runs two naphtha crackers in Pasir Gudang, Malaysia. However, the company is net short of ethylene and is a key buyer of the product for their polyethylene (PE) units in Indonesia that have a combined production capacity of 450,000 tonnes/year.
The company was acquired by South Korean conglomerate Lotte Group’s subsidiary Honam Petrochemicals in July 2010.
($1 = €0.77)
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