S Korea's Hyosung to shut PTA unit on 16-21 March on poor margins

15 March 2012 09:05  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Hyosung Petrochemical plans to shut its 420,000 tonne/year purified terephthalic acid (PTA) unit in Ulsan on 16 March because of poor margins, a company source said on Thursday.

The plant will be taken off line for six days until 21 March, the source said.

The company is shutting the plant partly because of some problems at the facility, he said, adding that it will be changing some parts during the shutdown.

Asia’s spot PTA prices dipped to $1,165/tonne (€897/tonne) CFR (cost & freight) China Main Port (CMP) for Taiwanese cargoes and $1,150/tonne CFR CMP for South Korean material.

Prices declined by $30-35/tonne from the previous week because of sharp falls in the co-feedstock for polyester, monoethylene glycol (MEG), and weaker PTA futures, according to ICIS data.

($1 = €0.77)

By: Becky Zhang
+65 6780 4359

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