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Due to low profits, Asia's largest styrene producer Hanwha Total Petrochemical has decided to temporarily reduce the load of its styrene monomer unit at Daesan Petrochemical Complex (Daesan) in Seosan, South Chungcheong-do, South Korea
.
The company said that the load reduction is about 20%.
If the profit of styrene cannot be improved, the company will maintain or even operate the styrene plant at a lower load for a long time
.
According to statistics, Hanwha Total Petrochemical has a styrene plant of 1.
6 million tons, of which the styrene production capacity in Dashan is 1.
05 million tons/year
.
Production margins have been falling in recent years, mainly because the Chinese market has been increasing supply
.
With the commissioning of China's Wanhua Chemical's 650,000-ton/year styrene plant and the restart of Sinopec's 120,000-ton/year styrene plant in Baling, the profit of styrene in Asia is getting lower and lower
.
In terms of cost, after a rapid and sharp decline in mid-to-late October, the price decline of pure benzene slowed down in November
.
From the perspective of valuation, the price ratio of domestic pure benzene and naphtha has dropped rapidly from a relatively high level in recent years to a low level
.
The current international crude oil price is still in a high range, and the price of naphtha is also relatively strong, which has certain support for pure benzene
.
While the price of pure benzene has fallen, styrene has also declined weakly, making the profit of styrene still low
.
In the low-profit state, the impact of styrene on the raw material side still requires continuous attention
.
In terms of construction, short-term styrene will remain low
.
On November 12, a styrene plant with an annual production capacity of 210,000 tons in Jiangsu Lister also stopped, and the restart time is to be determined
.
At present, most of the maintenance devices are scheduled to be restarted before mid-December, while Sinochem Quanzhou, which has an annual production capacity of 450,000 tons, is expected to start overhauling for about 50 days at the end of November, and Baling Petrochemical plans to overhaul for about a month in mid-November
.
Judging from the maintenance plan, domestic production is expected to rebound after December
.
With the gradual improvement of pure phenyl and the stable price of ethylene, the possibility of continued low profits in the styrene industry cannot be ruled out, which also makes the cost of raw materials have a certain supporting effect on the price of styrene
.
However, the follow-up market has bearish expectations for the increase in supply and shrinking demand for styrene.
It is expected that styrene will still run weakly in the short term, but it should not be too bearish
.