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Formosa Petrochemical Corp has reduced runs at its naphtha cracking complex

April 19/2011

(Reuters) - Taiwan's Formosa Petrochemical Corp has reduced runs at its 2.93 mln tonnes per year (tpy) naphtha cracking complex to around 90-95 percent from full-tilt due to weak petrochemical margins, and is currently seeking lower spot volumes, traders said on Monday. Formosa, Asia's top naphtha buyer, is currently in the market seeking around 100 KT of spot naphtha for second-half May arrival. It is unclear how long Formosa, which needs an average of 600 KT of spot and term naphtha a month, will maintain the run cuts.

Prices of polyethylene or plastics, made mainly from ethylene, were not rising as fast as sellers had hoped to reflect the escalating naphtha costs.

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