TEHRAN, Iran, July 1
Trend:
The price of ethylene for petrochemical plants has been reduced 10 percent by Iranian oil minister's order.
The price of ethylene has been reduced from $220 to $200 per ton to prevent further losses by production companies, said Bijan Zangeneh, Trend reports citing IRNA.
The issue of changing ethylene price was discussed during a meeting on June 22, which was attended by ethylene producers and consumers as well as officials of the National Iranian Petrochemical Company.
The price of oil product has been affected by coronavirus spread and reduction of demand due to the drop of oil price.
Reducing the price of ethylene will increase competition in the price of petrochemical products and effect the profit of related companies in stock market trading, said the minister.
Ethylene price floor was previously was $220 per tons, while the price ceiling was $440.