This week, despite higher upstream naphtha values, propylene prices slipped in Asia. The price fall was on the back of bearish demand trends in major markets like China.
Propylene prices were at the USD 940-945/mt FOB Korea levels, down by USD 15/mt from the previous week.
CFR China propylene prices were at the USD 990-995/mt levels, a week on week drop of USD 5/mt.
CFR South East Asia propylene prices were assessed lower at the USD 925-930/mt levels, a decline of USD 10/mt from the previous week.
In plant news, Lotte Chemical, has restarted its cracker on December 7, 2020, following an unplanned outage. The cracker was shut following an explosion that occurred in the plant’s compressor on March 4, 2020. Located at Daesan in South Korea, the cracker has an ethylene capacity of 1.1 million mt/year and propylene capacity of 540,000 mt/year.
In other plant news, LG Chem has shut its 1.6 million mt/year cracker, located at Yeosu, South Korea, on November 5, 2020, following a fire reported at its catalytic reforming unit. The cracker is expected to remain shut until January 2021.