21 March 2013 06:58 [Source: ICIS news]
Correction: In the ICIS story headlined “S Korea's Kumho Petchem lower ABS op rates on poor demand” dated 21 March 2013, please read in the first paragraph…”on 21 March”…instead of …”on 21 April”…A corrected story follows.
The 250,000 tonne/year unit in Ulsan was running 90% of capacity before but is now running at only 60% of capacity. The company plans to hold this output rate till the end of April.
Demand for ABS remained weak after the Lunar New Year holiday in mid-February as the US and Eurozone economies remained weak.
Spot prices fell to the low-$1,900s/tonne (€1,463/tonne) CFR (cost & freight) NE (northeast) Asia for the week ended 15 March, down from $2,045/tonne CFR NE Asia a month ago, according to ICIS data.
The company also operates a 230,000 tonne/year polystyrene (PS) facility at the same location. The output for PS is maintained at around 90% with no plans for reduction at the moment.
Other Korean ABS makers include LG Chem, Cheil Samsung and BASF.
($1 = €0.77)
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