OLEFINS AND polyolefins pricing may have rebounded in recent weeks,but there are few who are confident of prices and margins surpassing the highs that were experienced late last year and early this year.The fourth quarter of 2004 was probably the high point of the current cycle and margins are likely to move steadily downhill to reach uncharted depths in 2009,analysts fear.A recent chemical investment outlook report will make difficult reading for the Asian petrochemical producers,with a gloomy picture painted for product spreads as the industry once again builds capacity ahead of demand.According to the report,by a major European investment bank,substantial new ethylene capacity due in China and the Middle East between now and 2009 could create an oversupply situation which,it claims,could be worse than in previous cycles.
展开▼
