Global Pricing Briefs from Polymerupdate.com 4689

Polymerupdate.com reports that polyethylene terephthalate (PET) prices in Asia fell from levels recorded on Friday of last week. Sluggish buying coupled with falling MEG prices lowered PET bottle grade by $5/tonne, while February offers for PET bottle grade resins are at the $1340/tonne FOB Korea levels.

Linear low-density polyethylene (LLDPE) prices in Asia ended firmer last week, due tight regional availability, with deals to China for prompt Taiwanese cargoes were at $1650/tonne CFR levels while other offers to China were heard at the $1610/tonne to $1620/tonne CFR levels. Prices ended up despite softer ethylene demand.

In acrylonitrile butadiene styrene (ABS), a Polymerupdate.com source said some buyers have approached with bids at levels as low as $1700/tonne CFR for February cargoes. Despite the lunar holidays set to begin Wednesday in China, the source plans to increase ABS offers by at least $30/tonne.

In Iran, Polymerupdate.com reports that the construction of two low-density polyethylene (LDPE) plants with a cost of euro 428 million have been awarded to an Iranian-Italian consortium by the National Petrochemical Company (NPC) of Iran. The facility will be constructed in the western province of Lorestan in the city of Mahabad, with the contracts awarded to Nagran of Iran and Technimont of Italy. The plants will come onstream in 2011 with LDPE production capacity of 300,000 tonnes/yr. They have been placed under the charge of the State Bakhtar Petrochemical Company, an affiliate of the NPC

In Southeast Asia, Polymerupdate.com reports that Malaysian polypropylene (PP) major Titan was planning a shutdown at its Pasir Gudang, Johor, unit next month. The site has total production capacity of 380,000 tonnes/annum and will be shutdown for a planned maintenance turnaround during the third week of March this year, with the outage expected to last for 10 to 12 days.

Saudi Ethylene and Polyethylene Co (SEPC) is looking to start up its cracker located in Al-Jubail by the end of August this year. The 1 million tonne/yr cracker, along with a 400,000 tonne/yr high-density polyethylene (HDPE) plant will be up by August 2008 and in September, SEPC will start up its 400,000 tonne/yr LDPE unit. Exports will be directed to markets across Asia, including India, China and Vietnam. SEPC is a joint venture between Tasnee, Sahara Petrochemicals, and Basell, while SPC is a JV between Tasnee and Basell.

In India, GAIL Ltd. has started up its new dedicated HDPE plant in Pata, Uttar Pradesh, Northern India. The output capacity of the facility is 100,000 tonne/yr and the HDPE produced at the plant will utilize Mitsui technology. With the new HDPE plant on stream, the total polymer capacity of the Pata plant has increased from 310,000 tonnes/yr to 410,000 tonnes/yr.

In Europe, BASF reports that it’s looking to revise higher its general-purpose polystyrene (GPPS) prices for the month of February, since styrene monomer feedstock contracts for February are up more than euro 40/tonne from January’s levels. This announcement comes on the heels of a similar proposal announced by Ineos Nova last week.

In European PET, falling MEG feedstock rates in Europe and in Asia set off a dull mood across the region with bids for spot PET bottle grade dropping to levels below the euro 1100/mt FD mark. In the contract markets, Polymerupdate.com reports that PET bottle-grade prices have been assessed at the euro 1310/tonne FD levels.

LDPE general purpose contract prices in Europe were steady last week at the euro 1355/tonne FD North West Europe levels. Spot prices were at the euro 1295/tonne FD North West Europe levels, with the outlook for February remained mixed. HDPE contract prices in Europe ended stable last week with only blowmolding grades firming at about euro 5/tonne to euro 1370/tonne FD North West Europe levels.