29 April 2010 10:11 [Source: ICIS news]
Correction: In the ICIS news story headlined "?xml:namespace>
SINGAPORE (ICIS news)--South Korea’s KP Chemical has proposed a $100/tonne (€76/tonne) hike in purified isophthalic aicd (PIA) values from 1 May as high raw material prices had squeezed its margins, a company source said on Thursday.
The company proposed to offer May PIA stocks at $1,350-1,450/tonne CFR (cost and freight) northeast
“Hopefully we could pass on our cost pressure, taking advantage of current peak demand season for downstream polyethylene terephthalate (PET) bottle chips,” the source added.
The company meanwhile, planned to lower operating rates at its 200,000 tonne/year PIA unit in Ulsan to 55-60% from 1 May on weak margins, the source said, adding that the unit was currently running at around 65-70%.
PIA is used as a modifier in downstream PET bottle-grade resins and as an additive in coatings.
KP Chemical also runs two purified terephthalic acid (PTA) plants with a total capacity of 800,000tonnes/year at the same site.
($1 = €0.76)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|