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Japan's cracker run rates to recover: APIC delegates
Japan's cracker run rates to recover: APIC delegates
Tokyo, 29 May (Argus) — Japan's steam crackers are poised to see a moderate recovery in run rates from June, industry sources told Argus on the sidelines of the Asia Petrochemical Industry Conference (APIC). The recovery is expected as crackers secure alternative feedstock supplies, but poor margins and high feedstock prices may cap any production increase. Japan's cracker run rates averaged 67.3pc in April, down from 78.6pc a month earlier and from 68.8pc in March 2026, according to the Japan Petrochemical Industry Association (JPCA). The steep monthly decline was partly triggered by concerns about naphtha supplies, because of the closure of the strait of Hormuz, as well as turnarounds at several crackers. Naphtha imports from the Middle East typically account for roughly 40pc of Japan's demand, domestic supplies account for 40pc and imports from countries other than the Middle East make up the remaining 20pc, according to data from the Japanese government. In response to the lack of Middle Eastern naphtha, Japanese buyers have sought alternative supplies from Algeria, the US and India. Including supplies from domestic refining, naphtha procurement is currently able to meet over 80pc of Japan's requirements, prime minister Sanae Takaichi said on 25 May. Japan can continue to produce naphtha derivatives beyond the end of this year if it uses its intermediate inventories and allocates feedstocks to midstream products with lower stock levels, she said. Refinery run rates are recovering in Japan, data from the Petroleum Association of Japan (PAJ) show. Nationwide average refinery run rates were at 73.5pc in the week of 17 May, up from 69.6pc in late April. But even with improved feedstock supply, market participants said during the conference the recovery in cracker operating rates will probably be limited. The constraint on production has shifted from feedstock availability to weak production economics and subdued demand. According to the most recent Argus assessment, on 21 May, northeast Asian naphtha-based ethylene cracking margins have collapsed to -$514/t, a sharp deterioration from -$285/t in late-February. This is due to is the inability of producers to fully pass on higher feedstock costs, alongside with weak downstream demand, particularly in China. Cfr Japan naphtha prices were around 58pc higher on 21 May than pre-war levels. Prices for cfr northeast Asia ethylene increased by about 50pc in the same period, while Asian polymer prices only increased by around 30pc. This mismatch in cost-push inflation and product price realisation has severely compressed, and in many cases eliminated, producer margins. "The focus is now squarely on profitability," a market expert in a Japanese trading house noted on the sidelines of APIC. "Even with more naphtha arriving, cracker operators have little incentive to ramp up production significantly if they are losing money. The modest increase in runs will be managed very carefully against actual demand and margin recovery." The industry's path forward now hinges on whether downstream demand and prices can strengthen sufficiently to absorb the elevated cost of feedstocks, allowing for a more substantial and sustainable recovery in operating rates. The conference, which is held in western Japan, Fukuoka, ends on 29 May. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Americas Styrenics idles California PS plant
Americas Styrenics idles California PS plant
Houston, 28 May (Argus) — US polymer producer Americas Styrenics this month idled its 150,000 metric tonne/yr polystyrene (PS) plant in Torrance, California, a company customer said. The reason for idling the plant was not known and the company did not immediately respond to a request for comment. The company plans to use the plant as a terminal to distribute imported PS via truck, another source said. The pause in production comes as PS prices have risen by 34pc from a year ago, which another source said has made it difficult for some buyers to pass costs on to their customers. By Jake Caldwell Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Calif. plastic packaging faces 1 June deadline
Calif. plastic packaging faces 1 June deadline
Houston, 28 May (Argus) — Producers of plastic packaging in California are entering the first phase of compliance under the state's extended producer responsibility (EPR) law, with a 1 June deadline to register and begin reporting. The deadline marks the first major test of the law, known as SB 54, since final rules were approved on 1 May. Producers must register with the Circular Action Alliance (CAA), apply to comply independently through CalRecycle, or file for an exemption. They must also begin submitting historical data on the types and volumes of packaging they produce for the California market. Many producers say they are still working through how to meet the requirements, with uncertainty around reporting obligations. Compliance strategies are likely to vary widely by company, a recycler said. Uncertainty also remains about how fee assessments will be calculated and how costs will flow through supply chains, particularly for packaging and resins tied to recycled content markets. "The strategy for determining how to comply will vary by producer," a market participant said, noting that differing approaches could lead to uneven cost impacts across the sector. Data submitted under the 1 June deadline will form the basis for fee calculations, with initial invoices possible in late 2026 and full fee collection beginning in 2027, according to CalRecycle. Producers that fail to register or report could face penalties of up to $50,000/d per violation, with enforcement escalating over time. SB 54 sets long-term targets, including a 25pc cut in single-use plastic packaging, a 65pc recycling rate, and 100pc recyclability or compostability of covered materials by 2032. "There is no clear sign of inventory build ahead of the deadline, with most producers taking a wait-and-see approach as guidance continues to emerge," a producer said. The law is expected to reshape demand in the recycled plastics market by linking producer fees to recyclability. Packaging that is easier to recycle may face lower costs, while harder-to-recycle materials could carry higher fees. The structure incentivizes the use of post-consumer resin, which may become more attractive as producers look to manage compliance costs. By Dona Davis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Slovnaft to cover Mol aromatics after cracker explosion
Slovnaft to cover Mol aromatics after cracker explosion
London, 28 May (Argus) — Slovak refiner Slovnaft is expected to redirect toluene to meet term obligations after an explosion at parent company Mol's Tiszaujvaros petrochemical site curtailed aromatics output, a source with knowledge of the matter said. The 22 May incident, which killed one person and injured nine, damaged Mol's 380,000 t/yr Olefin-1 steam cracker and will keep it offline for several months, the company said on 27 May. The outage has cut pygas output from the cracker, a key feedstock for aromatics production. Mol produces benzene and toluene from reformate streams and cracker-derived pygas at its Szazhalombatta site, which is integrated with Tiszaujvaros for feedstock supply. The cracker outage is restricting feedstock availability and limiting aromatics output at the refinery. The disruption is expected to cut June toluene output by around 3,000 t and benzene by a similar volume, according to the source, tightening prompt availability across central Europe. Slovnaft will cover roughly 75pc of Mol's toluene contracted volumes, with the rest supplied from inventories in Hungary. Slovnaft's ability to increase supply could be limited. Its 115,000 b/d Bratislava refinery began an unplanned partial shutdown of its 220,000 t/yr ethylene unit on 25 May, according to company data distributed locally flagging flaring, odour and noise. The disruption may last through 28 May, but the company has not disclosed the cause. Lower spot availability could offer support to benzene and toluene prices in central and eastern Europe, particularly for prompt delivery. Further direction will depend on how long repairs at Tiszaujvaros take. Mol has not given a firm restart date, but added that repairs will take several months . By Yohanna Pinheiro Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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