Mounting feedstocks, slowing demand to result in Idemitsu's 15% scale-back in monomer styrene production

31-Jul-08
The decline in profit margins and slowing demand of styrene monomer led by the sharp rise in crude and naphtha cost have resulted in Japanese oil refiner, Idemitsu Kosan Co. to cut back the monomer styrene production by 15%, effective August 1 to September 30. Currently, the price of styrene monomer is hovering below US$1580/ton on the South Korean spot market on a FOB basis, collapsing by almost seventy dollars since last month. In addition, mounting naphtha cost which touched a record of US$1250/ton last month have forced many Japanese Petrochemicals makers to scale back production and use butane instead of naphtha for ethylene production.
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