29 Nov – Hyundai Chemical begins marketing PP cargoes from its newly launched plant in Daesan
Hyundai Chemical, a JV between South Korea’s Lotte Chemical and Hyundai Oilbank, has started to market cargoes from the new polypropylene (PP) plant in Daesan in mid-November, according to CommoPlast with reference to market sources.
Chinese customers informed CommoPlast of having received offers for on-spec cargoes of homopolymer of propylene (homopolymer PP) from its newly launched plant.
Thus, offer prices for these consignments were heard at USD1160/ton CFR China, which are relatively competitive. It is reported that several thousand tons have already been sold.
At the same time, off-grade PP cargoes were offered by the producer for shipments to Vietnam.
It is expected that more quantities from the producer would emerge in the near term.
Hyundai Chemical's petrochemical complex houses a cracker with an annual output of 900,000 mt/year of ethylene and 300,000 mt/year of propylene. whereas downstream units include an 850,000 mt/year polyethylene (PE) plant and a 500,000 mt/year PP plant.
As MRC reported earlier, Hyundai Oilbank shut its one crude distillation (CDU) unit, a residual desulphurises and a fluid catalytic cracker (FCC) unit at its Daesan refinery for a maintenance turnaround on April 8, 2020. The refinery remained off-stream for around 30-45 days. Located at Daesan in South Korea, the refinery has a crude processing capacity of 395,000 bpd.