21 February 2013 12:18 [Source: ICIS news]
LONDON (ICIS)--Lotte Chemical UK will take its polyethylene terephthalate (PET) plant at Wilton in Teeside, the UK, down for one month of maintenance at the end of February, a company source said on Thursday.
"M5 is coming off for statutory inspection and a maintenance outage … at the end of February and will be back on before the end of March," the source said.
The shutdown at the 165,000 tonne/year unit will have no impact on customers, he added.
Meanwhile, Lotte's new 200,000 tonne/year expansion, also at Wilton, is expected to start up in the fourth quarter.
"The plant is on schedule. All the major vessels are on site and installed," the source said.
The European market is quiet and prices are rising based on increasing production costs and squeezed margins.
Buyers have little choice but to pay over €1,300/tonne ($1,733/tonne) FD (free delivered) Europe for domestic material, if they want February deliveries.
"… I can't see prices going down," a customer said, echoing comments made by other buyers and sellers.
Lotte Chemical UK, a subsidiary of KP Chemical, part of the Japanese-South Korean conglomerate Lotte Group, manufactures and sells polyester intermediate purified terephthalic acid (PTA) and PET resin for use in the packaging industry.
($1 = €0.75)
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