– Price discussion scant
– RAPID ethylene cracker likely to be delayed
Asian ethylene spot trading was reported thin Friday with few bids and offers heard this week. Chemical Industry participants said that the fire at Malaysian Petronas’ Refinery and Petrochemical Integrated Development, or PRefChem, at the Pengerang Integrated Complex in Johor early Friday is expected to delay the start of production of ethylene at the plant. RAPID had earlier targeted to produce ethylene by April 15, and has been running its cracker since mid-March, according to earlier reports by S&P Global Platts. “I think that the steam cracker will be affected due to this fire, the Chemical Industry of ethylene will or have to be delayed,” an international trader, who bought spot cargoes from the producer, said. The steam cracker at PRefChem is able to produce 1.2 million mt/year of ethylene, 600,000 mt/year of propylene and 180,000 mt/year of butadiene.
Spot prices were assessed unchanged day on day at $1,025/mt CFR Northeast Asia Chemical Industry, below a selling indication at $1,040/mt and above buying indication heard at $1,000/mt. The SEA marker was assessed at $930/mt Friday, above a tradable price indication at $925/mt CFR SEA from a buyer. The FOB Korea Chemical Industry was assessed unchanged week on week at $960/mt FOB Korea amid thin discussion.