BASF to curtail PS output amidst low sluggish demand and global economic slump

Chemical giant BASF has reportedly declared that it will curtail its polystyrene production by about 25% effective from October 1 due to weakening demand and the current global economic slump. This is certain to impact the production capacities at the company's Ludwigshafen site in Germany and Antwerp site in Belgium, which have a combined PS production capacity of 535,000 mtpa. BASF which is apparently trying to sell off its polystyrene business, reduced its gross market price for general purpose polystyrene in September to EUR 1,565/mt FD NWE, down EUR 40/mt from EUR 1,605/mt for August. Further, major European polystyrene consumers were still bargaining September contracts to see a further EUR 50/mt dip in PS prices.
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