Steam Cracker Run Cuts

Analysts report that several major steam crackers in South Korea and Singapore are considering run-rate reductions. At $945/ton, producing ethylene from naphtha has become marginally unprofitable.

Logistical Surcharges

The 'Hormuz Surcharge' for naphtha shipments from the Middle East remains at record levels. Buyers are increasingly looking for non-Middle Eastern supply, keeping Asian spot prices elevated.