Taiwan based CGPC Polymer Corporation has revised its latest PVC offer to India at USD 840 per metric tonne on CIF basis. The shipment will be delivered at Nhava Sheva port in April 2016.
Thursday, 10 March 2016
MRPL Raises PP Price
Mangalore Refinery and Petrochemical Limited (MRPL) has announced price revision in PP with effect from March 10, 2016.
According to information received based source, basic price of PP Homo increased by Rs. 500 per metric tonne.
HMEL Hikes PP Price
Hindustan Mittal Energy Limited (HMEL) has revised it PP price with effect from March 10, 2016.
According to information received based source, basic price of PP Homo increased by Rs. 1,500 per metric tonne.
IOCL Declares Price Revision in PE, PP
Indian Oil Corporation Limited has declared upward price revision in PE and PP with effect from March 10, 2016.
According to input received from industry based source, basic price of PP Homo increased by Rs. 1,500 per metric tonne while PP Copolymer hiked by Rs. 2,000 per metric tonne.
Price of HDPE and LLDPE raised by Rs. 1,000 per metric tonne.
Wednesday, 9 March 2016
Korea exports 26,999 mt of benzene from Mar 1-6
South Korea has exported 26,999 mt of benzene from March 1-6, according to the preliminary export data obtained from an industry source based in Seoul, Monday.
By country, China has displaced the US to become the largest recipient of South Korean benzene, by taking in 17,999 mt. This was followed by exports to Taiwan which were tallied at 9,000 mt.
Paraxylene traders seek to extend long positions in view of further price rise in Asia
Asia's paraxylene (PX) spot traders are seeking to extend their long positions in anticipation of further price rises ahead, industry participants informed, Tuesday.
Although the PX market balance was generally long, according to one source, sentiment towards PX has been buoyed by a strong rise in crude oil prices over latest trading sessions, coupled with a robust showing in purified terephthalic acid (PTA) prices downstream.
Eyeing further price rises in PX, traders are opting to swap prompt cargoes for back-month ones, sources said.
China's Jiangsu Hengsheng Resumes its Methanol Unit
China based Jiangsu Hengsheng has restarted its Methanol unit on March 8, 2016 with production capacity of 400k metric tonne per annum
The plant is located at Jiangsu, the company is offering methanol at Yuan 1,800 per metric tonne ex-work, up Yuan 40 per metric tonne from March 4. It was shut for a week-long turnaround early March.
ONGC Videsh plans to invest $500 million to up output from Colombia
ONGC Videsh, the overseas arm of country’s flagship explorer ONGC, is mulling to spend nearly $500 million to increase crude oil output from the Mansarovar project in Colombia. However, this investment would be subject to extension of the Nare contract.
“From 2006 till 2015 year Mansarovar has invested around $1.5 billion. If the new strategic cooperation agreement of Nare Association is granted, the new investment would be close to $0.5 billion in the near future,” said Harvinderjit Singh, CEO of Mansarovar Energy Colombia, the joint venture between OVL and China’s Sinopec Petroleum International.
Mansarover has been the fifth largest oil producer in Colombia with production over 40,000 barrels of oil per day (bopd). In 2015, incremental average production in Nare Association if the new cooperation agreement is granted could be around 9,000 – 11,000 barrels per day through the implementation of new technologies, infill drilling and enhanced oil recovery (EOR) applications in Nare Fields.
During recent visit of Indian and Chinese diplomats to the field it was mentioned that Nare contract is expiring in November 2021 and any further major capex investment for increase in oil production from Nare fields would be related to the grant of extension beyond the expiry period.
Oil prices bounce back over 40%
After a prolonged slide that took oil prices within sight of the $20-a-barrel threshold last month, sentiment in commodity markets seems to have turned, raising the question of whether oil prices have finally bottomed out.
Whether it will prove lasting or not remains to be seen, but the recent rebound in the oil market comes as investors focus on declines in oil drilling and pin their hopes on a freeze in output by major producers.
Crude oil futures traded in New York rose 5.5 percent on Monday to $37.90 a barrel, after rising nearly 4 percent on Friday. The U.S. benchmark price has had three straight weeks of gains, the longest such stretch since May. In London, Brent oil futures rose above $40 a barrel for the first time since December.
Oil markets have bounced back more than 40 percent since hitting of a low of $26.21 a barrel in New York in early February. At the time, many analysts, including forecasters at Goldman Sachs, said that oil could slide to $20 a barrel with little to stem the decline.
Sasol Delays U.S. Chemical Plant as Price Drop Spurs Savings
South Africa based Sasol Limited will review the cost and timing of its $8.9 billion chemicals plant in the U.S. as slumping prices caused first-half profit at the world’s biggest producer of motor fuel from coal to drop 63 percent.
Some units converting ethane into plastics and other products at Lake Charles in Louisiana will start in 2019 instead of 2018, said Johannesburg-based Sasol, which aims to complete a review of the project by the middle of this year.
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