HOUSTON (ICIS news)--Higher feedstock costs and demand destruction led INEOS to cut its production rate by an additional 10%, leaving its plants at 60% of capacity, while Cytec has also cut production, the companies said on Friday
The INEOS announcement came after the company’s decision last week to scale back operations by 30%.
INEOS will still meet its contract customers’ orders, but will avoid the spot market until customers’ can meet higher asking prices or the costs of raw materials retreat from record-high levels, a company representative said.
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INSIGHT: Locked Europe phenol chain looks for key
"Key markets for phenol chain chemicals are affected by the slowdown. These include textiles, carpets, footwear and other consumer goods." more
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