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Plastics News and Polymer Prices

S Korea’s petchem industry hits impasse, government to step in for drastic restructuring

South Korea’s petrochemical sector has been floundering since 2023 with plant closures, selloffs and mergers in place as major companies have been strained by negative margins. Business Korea recently argued that the Korean government plans to help restructure the country’s petrochemical industry with extraordinary measures by increasing the competitiveness of Korean products...

SEA ethylene, propylene prices diverge following SCG’s force majeure; NEA ethylene slips further

Last Friday, Thailand’s SCG Chemicals declared force majeure on all petrochemical products, following a fire at a chemical tank in Map Ta Phut port, Rayong. The producer stated that operations at both Map Ta Phut, the Rayong Olefins (ROC) and Map Ta Phut Olefins (MOC) crackers were severely impacted. In terms of olefin prices, there were initial knee jerk responses, with spot propylene prices rebounding to $830-850/ton CFR SEA whilst spot ethylene prices traded slightly higher, at $990/ton CFR SEA...

Is the rally for shipping freight rates roaring back?

Having been steadily sliding since February this year right after going through the roof in January upon the emergence of the Red Sea crisis , spot freight rates for container shipping recorded a cumulative slump of around 32% until late April, according to global benchmarks. As of early May, the trend in freight rates appears to have turned upwards with the rally gaining momentum particularly recently...

Global oil and petchem companies report healthier results for Q1 2024 after turbulent 2023

2022 was a period of record-highs for many oil, gas, and petrochemical companies. In 2023, as economic headwinds increased, energy and petrochemical giants saw their profits slump while others even swung to a net loss. Following the turbulent year, companies started to announce improved financial results for Q1 2024...

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