13 November 2012 03:20 [Source: ICIS news]
SINGAPORE (ICIS)--Tongsuh Petrochemical will cut production at its 320,000 tonne/year acrylonitrile (ACN) plant at Ulsan in South Korea from mid-November because of weak market conditions, a company source said on Tuesday.
“We are now running at 100% of capacity since we restarted in early November, but will reduce the operating rate to 80% of capacity from mid-November because of the poor market conditions,” the source said.
The plant resumed production in early November following a month-long turnaround. It shut in early October for maintenance, the source said.
ACN prices have been declining since mid-September because of oversupply and weak demand.
In the week ended 9 November, ACN prices were at $1,650-1,750/tonne (€1,304-1,383/tonne) CFR (cost and freight) northeast (NE) Asia, down by more than $200/tonne from mid-September, according to ICIS data.
Tongsuh Petrochemical is a fully-owned subsidiary of Japan’s Asahi Kasei, major ACN producer.
($1 = €0.79)
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