19 January 2011 08:04 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Plastics Corp (FPC) plans to shut its 240,000 tonne/year low-density polyethylene/ethylene vinyl acetate (LDPE/EVA) swing plant in Mailiao for a three-week turnaround from early March, a company official said late on Tuesday.
The shutdown was expected to exacerbate the tight EVA supply in Asia, with another producer - South Korea's Honam Petrochemical also planning a turnaround and debottlenecking at its EVA/LDPE swing plant in Daesan at around the same time.
Spot prices of EVA with 18% VA content were assessed at $2,600-2,700/tonne (€1,950-2,025/tonne) CFR (cost & freight) China Main Port (CMP)/southeast (SE) Asia and at $2,700-2,750/tonne CFR South Asia on 18 January, $50/tonne higher week on week, ICIS data showed.
“In the near term, EVA prices are unlikely to fall but we are wary of raising prices too high and hence affecting demand,” the company official said in Mandarin, adding that prices were already “very high”.
Meanwhile, trading activities were slow in the run-up to the Lunar New Year holidays in early February. Most suppliers had no fresh offers for February-loading cargoes because stocks were either low or were completely sold out, traders said.
($1 = €0.75)
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