PROPYLENE

Propylene prices were under pressure in Asia on restrained demand from downstream markets in the week of February 18, 2008. Prices dropped to US$1230/MT in Asia. Demand from Taiwans's Formosa was absent due to a delay in start up of its new PP plant in Ningbo. Dull market conditions due to low levels of activity from buyers in Far East Asia contributed to a weakening propylene market. Buyers prefer to defer buying in anticipation of improved supply next month from producers in the Far East region. A gap of twenty dollars existed between sellers offers and buying interest at around US$1200/MT. On the sellers side, producers from South Korea refrained from quoting firm offers for March shipment, and traders restrained from active participation in anticipation of price corrections.

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