Ethylene prices dipped to US$1190/MT in Asia this week. Increasing supply weighed down by inadequate demand from end users kept ethylene prices in Asia depressed in the week of September 24, 2007. An abundant supply situation in Japan was mainly due to problems in domestic downstream plants. Demand continues to remain bearish from Taiwan, mainly because of the smooth commencement of operations at 85-90% levels at the 700,000 tpa No.1 cracking unit of Taiwan's Formosa Petrochemical Corporation (FPCC). Competitive offers for cargoes from Taiwan as well as India were heard.
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