Hope rekindled: South Korean markets waned in H2 last year after a strong H1. However, expectations are running high that a strong economic performance will boost petrochemical consumption significantly this year. (Markets: South Korea).

Chemical Market Reporter, May, 2002 by Hariharan, Malini

South Korea's economic performance last year was significantly better than other Asian countries but it was not sufficient to prevent a decline in domestic prices and sales of most petrochemicals. 'Although the first half of the year was good, H2 was a bad period for domestic producers as South Korean markets followed the global trend.

Both demand and prices were weak,' points out Harrison Hwang of Hyundai Securities. The electronic sector was badly hit as orders from the West slowed down. And although the construction sector started to pick up in the second half of the year, Hwang believes that the petrochemical industry will benefit only in 2002. LG Chem plans to slash PVC exports by half this year, from 240 000 tonne in 2001. ...

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