Ethylene prices in Asia dropped by almost 40 dollars to US$1240/MT in the week of Sep 3, 2007. Asian ethylene market continued to maintain a downbeat mood on account of several reasons. Serious compressor trouble has forced Formosa to defer the restart of its no.1 naphtha cracker to the third week of this month. However, the market did see increasing supply from Middle Eastern producers, but offer price dipped to as low as 1215/MT as most buyers preferred to wait and watch, on expectations of increasing supply of cargo from Iran. The supply from the Middle East was caused by problems at a MEG plant in Saudi Arabia, leading to a supply glut being diverted as exports to Asia.
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