PROPYLENE PRICES GAIN IN ASIA ON WEDNESDAY.

Petrotahlil - On Wednesday, despite bearish upstream crude and naphtha values on Tuesday, propylene prices witnessed a rise in Asia. The price rise was supported by strong buying sentiments witnessed in China and firmer downstream PP futures on the Dalian Commodity Exchange.

FOB Korea propylene prices were at the USD 560/mt levels, a day on day increase of USD 5/mt.

CFR China propylene prices were at the USD 605/mt levels, a sharp gain of USD 25/mt from Tuesday's assessed levels.

In plant news, Haldia Petrochemicals Ltd (HPL), has undertaken an unplanned shutdown at its cracker on March 28, 2020 owing to a nation-wide lockdown due to the COVID-19 outbreak. Further details on duration of the shutdown could not be ascertained. Located at Haldia in the eastern Indian state of west Bengal, the cracker has an ethylene capacity of 700,000 mt/year and propylene capacity of 350,000 mt/year.

In other plant news, Tosoh Corp, has undertaken a maintenance shutdown at its naphtha cracker on March 4, 2020. The cracker is expected to remain under maintenance till April 21, 2020. Located at Yokkaichi in Japan, the cracker has an ethylene production capacity of 527,000 mt/year and a propylene production capacity of 315,000 mt/year.

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