We believe new ethylene capacity is well spread out during 1Q-3Q21F while strong ethylene derivative demand should continue to support ethylene price. Global ethylene capacity addition looks slim post 2022F on limited expansion by US producers and potential delay of some ASEAN projects. SCC and PTTGC, which have new capacity coming onstream in 2021F, should benefit from ethylene price strength in 2021F, in our view.
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