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Asia petrochemicals fall on bearish global demand outlook

August 05/2011

(ICIS) -- Asian spot prices of petrochemical products fell on Friday, in line with declining crude futures, as market players are worried about the possibility of another global economic recession that will weaken demand for commodities.

At 16:03 hours Singapore time (08:03 hours GMT), US crude futures for delivery in September were down by USD 1.71/bbl at USD 84.92/bbl, after plunging by more than USD 5/bbl overnight. The plunge in global crude futures has caused Asian naphtha prices to fall.

Kumho Petrochemical, the biggest producer of synthetic rubber in Asia, is planning to reduce its buying ideas for butadiene (BD), a feedstock that is used in the production of synthetic rubbers such as styrene butadiene rubber (SBR) and butadiene rubber (BR), to USD 3,500-3,600/tonne FOB for August, the source said.

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