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(ICIS) -- US ethylene contracts for September settled at 54.50 cents/lb (USD 1,202/tonne, EUR 902/tonne), down by 1 cent/lb from August, market sources said on Monday. The fall in the September contract price follows a decline in spot values of over 20% for the month as a whole.
Market participants had expected ethylene contracts to drop in September, but only slightly, after a surge in ethane prices last month largely offset a 22% drop in ethylene spot prices. Spot prices for prompt deliveries were assessed on 30 September at 49.00-50.25 cents/lb DEL (delivered).
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In USA September contract price fell after decline in spot values
In Asia MEG market will face uncertainty when China's week-long holiday ends
(ICIS) -- The Asian monoethylene glycol (MEG) market will face uncertainty when China's week-long holiday ends, as supply will be limited because of plant turnarounds, while demand will be weak as a result of the grim global economic climate, market sources said on Tuesday. Prices of MEG closed at USD 1,230-1,235/tonne (EUR 935-939/tonne) CFR (cost & freight) CMP (China Main Port) on 30 September, down by USD 90-100/tonne from 9 September when prices hit a 44-month high, according to ICIS data. Trading has slowed this week, sources said, as the China market is closed for the National Day holiday from 1-7 October.
Sipchem started construction operations to build plants of Phase III projects
(Arabian oil and gas) -- Saudi International Petrochemical Company (Sipchem) has started construction operations to build plants of Phase III projects. ⌠The first of these two plants produces ethylene vinyl acetate (EVA) and low density polyethylene (LDPE), the company said in a statement. ⌠The second plant produces ethyl acetate and butyl acetate. Both plants will be located in Jubail Industrial City, it added.
The 200 KTa vinyl acetate plant will be operated by the International Polymers Company Limited, an affiliate of Sipchem, founded in 2009, owned by Sipchem (75%) and Hanwha Chemical. of South Korea (25%).
The total cost of the project is estimated at approximately USD 800m, and slated for start up during the second quarter 2013.
GS Engineering & Construction is the main contractor of the project, and has already started works on the site. The project will utilize ExxonMobil's technology. Sipchem has already signed a technology license agreement with ExxonMobil.
BASF and INEOS received approvals for formation of JV Styrolution
(BASF) -- BASF SE and INEOS AG have received approvals from all relevant antitrust authorities for the formation of the joint venture Styrolution. Closing is effective as of October 1, 2011. From this date on Styrolution operates independently.
BASF and INEOS have combined their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends into the new joint venture, Styrolution. The business with expandable polystyrene is not part of the transaction. BASF and INEOS will retain their respective businesses.
The company headquarters will be located in Frankfurt/Main, Germany. In the JV 50% of the shares will be owned by BASF and 50% by INEOS. Styrolution will have sites in Germany, Belgium, France, Sweden, Korea, India, Thailand, the USA, Canada and Mexico. In 2010 the joint venture had pro forma sales of about EUR 6.4 billion and employed approximately 3,400 people.
Lanxess started marketing foundry-grade chromite sand to customers from its own chrome ore mine
(Lanxess) -- From October 1, 2011, specialty chemicals company LANXESS will market its foundry-grade chromite sand to customers around the world direct from its own chrome ore mine in Rustenburg, South Africa. LANXESS is already among the world's top producers of chrome ore for chemical applications. "In the future, we will also make our chromite sand available for a wider range of industrial applications," said Dr. Andreas Eickhoff, head of Strategic Marketing Chrome at LANXESS. "Through integration of the supply chain from mine to end-user, all from a single supplier, we can provide the foundry industry with high-quality chromite sand products of consistently high quality," he added.
Chromite from LANXESS comes exclusively from the company's own mine and is noted above all for its low content of minor minerals. Because it always comes from the same mine, consistency of quality is guaranteed - a very important factor for the foundry industry. With backwards integration through to the actual mining of the ore, customers are also ensured of maximum reliability of supply.