S-Oil started up Ulsan PP plant; on-spec cargoes emerged in China

S-Oil Corporation has reportedly started up the PP units in Ulsan, South Korea, completing three years of construction work. The unit has a designated capacity of 405,000 tons/year of PP and is a joint venture with Saudi Aramco. 

On-spec homo-PP injection and PP block copolymer injection cargoes have shown up in China this week at the price level $1180-1190/ton and $1250/ton respectively, CFR China, LC AS term. Sources informed that there are only 300 tons for each grade available this time.

Meanwhile, off-grade cargoes are offered in Vietnam market. 

Players expect S-Oil to achieve stable production soon and more quantity would become available in Asia region in the near term.