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South Korea's Hyosung starts up new PP unit in Vietnam

  • Market: Petrochemicals
  • 25/08/21

South Korean polypropylene (PP) producer Hyosung started up its second 300,000 t/yr PP unit in Vietnam's Ba Ria-Vung Tau province around mid-August. The unit is operating at around 70pc of capacity and producing mainly PP homopolymer grades.

Hyosung runs another 300,000 t/yr PP unit in the same complex, which started operations in March 2020.

Both PP units are consuming imported propylene as Hyosung's upstream propane dehydrogenation (PDH) unit has yet to start up. The new 600,000 t/yr PDH unit is expected to begin operations by the end of this week. The producer is expected to raise operating rates at its new PP unit after the start-up of the PDH unit.

The latest PP unit start-up will likely increase spot supplies in domestic and regional markets.

Vietnam's Nghi Son Refinery and Petrochemical (NSRP) shut its 370,000 t/yr PP plant in mid-August for planned maintenance, with it expected to restart by the first half of September.

Vietnam's downstream PP consumption will likely remain weak in the coming weeks as strict lockdowns to curb Covid-19 infections continue in the country. The country is seeing new peaks in its daily Covid-19 cases and has recorded more than 369,000 infections to date, according to its health ministry.

Vietnam has further extended a lockdown in its main economic hub of Ho Chi Minh city by a month from 16 August to 15 September. City authorities have also deployed military forces to further tighten restrictions for two weeks from 23 August, including banning residents from leaving their homes during the period.

Argus last assessed Vietnam's PP raffia prices at $1,200-1,220/t cfr Vietnam on 20 August.

By Yee Ying Ang

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08/06/26

Israel hit Karoon petrochemical hub in southwest Iran

Israel hit Karoon petrochemical hub in southwest Iran

Dubai, 8 June (Argus) — Israel struck a number of facilities at a petrochemical complex in Mahshahr, in Iran's southwestern Khuzestan province, as part of a temporary resumption in direct hostilities between Tehran and Jerusalem. Israel's strikes were in response to a barrage of ballistic missiles that Iran launched at targets in northern Israel late on Sunday, 7 June, which in turn, were a reaction to Israeli strikes on the Lebanese capital, Beirut, earlier that day. Israel's Defense Forces (IDF) said it targeted "several infrastructure sites" it said were used by Tehran "to produce and export raw materials for weapons production." The facilities "produced unique materials that serve as critical components for the development of ballistic missiles," it said. The IDF said it had targeted the same complex during the initial weeks of the conflict that began on 28 February. Iran confirmed the hit, naming the complex as Karoon Petrochemical, which is owned by Iranian petrochemical company PGPIC. It and several of its subsidiaries were sanctioned by the US in 2019 on the grounds it would help finance the Islamic Revolutionary Guard Corps (IRGC). The IDF separately said it struck several Iranian "strategic defense systems" Tehran had deployed across the country to replace systems destroyed earlier in the fighting. Iran reported strikes on facilities in and around Tehran, Isfahan and Tabriz. Iran's armed forces said Israel had "started a dangerous game" with its targeting of the Karoon petrochemical hub, and vowed to hit back hard. It subsequently said the IRGC had launched a new missile strike against "similar industries" in Israel's Haifa, home to Israel's largest integrated oil refining and petrochemical facility. The 197,000 b/d Haifa refinery was targeted by Iran during the 12-day war in 2025, and during the early weeks of the current conflict . Israel has not confirmed if the facility sustained any damage today. The IRGC has said it has suspended its attacks on Israel, but warned "any continuation of [Israeli] hostilities and wrongdoing ꟷ particularly in southern Lebanon ꟷ will be met with far harsher and more devastating actions than those previously taken." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Indian PE importers wary of duty deadline, forex

08/06/26
News
08/06/26

Indian PE importers wary of duty deadline, forex

Mumbai, 8 June (Argus) — India's polyethylene (PE) importers have turned cautious about booking new imports due to uncertainty over the fate of a temporary import duty waiver and volatility in the rupee. The south Asian country relies heavily on imports to satisfy domestic demand for several petrochemical products, including polymers. Supply chain disruptions caused by the Middle East conflict have led to a surge in petrochemical prices. New Delhi waived off import duties on 40 petrochemical products from April, including PE, polypropylene (PP), and polyvinyl chloride (PVC), to ensure that the supplies to end-users remained stable. The temporary relief is expected to expire on 30 June. India had imposed a 7.5pc duty on PE, PP, PVC imports. "People are not keen on booking imports due to uncertainty on whether the import duty will be extended or not," a key market participant said. The cut in import duties, as well as improved supplies, led to a moderation in PE prices. Argus -assessed linear-low density polyethylene prices at $1,250-1,330/t cfr India for the week to 5 June, compared with $1,430-1,500/t cfr India on 10 April. Low density polyethylene prices were assessed at $1,500-1,600/t cfr India for the week ended on 5 June, down from $1,700-1,800/t cfr India on 10 April. Volatility in the Indian rupee is also weighing on buying sentiment. The US dollar/rupee exchange rate stood at 95.38 on 29 May, moved to 94.89 on 1 June, and rose again to 95.40 on 5 June, according to Reserve Bank of India data. The rupee remains sensitive to oil price movements, which have been volatile due to uncertainty over US-Iran ceasefire talks. Domestic PE production has remained stable, with state-owned Gail partially restarting operations at its Pata petrochemical complex in May. Converters have also reduced operating rates because of high prices and labour shortages, leaving domestic supply broadly sufficient to meet near-term demand, according to market participants. PP booking stable PP import demand has been stronger compared to PE over the past few weeks, due to tightness in domestic material availability. While New Delhi issued an order in March to divert propane, butane and propylene in March, several market participants said feedstock diversion has since increased in the past few weeks. A key domestic producer has also cut operating rates, a source familiar with the matter told Argus , which has further tightened the market. Around 80pc of India's PP capacity has been affected by government curbs on feedstock. Domestic producers have raised prices by Rs6/kg so far in June, with further increases expected by some market participants. Some southeast Asian producers in Thailand and Vietnam offered competitive prices last week, encouraging buyers to import material on tight domestic supply. Argus -assessed PP raffia prices in India at $1,250–1,310/t cfr India on 5 June, down from $1,350-1,430/t cfr India on 10 April. By Sourasis Bose Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Japan’s petchem supply to last beyond fiscal year: PM

03/06/26
News
03/06/26

Japan’s petchem supply to last beyond fiscal year: PM

Tokyo, 3 June (Argus) — Japan can maintain supply of its petroleum products, including naphtha-derived chemical products, beyond the current fiscal year that ends in March 2027, prime minister Sanae Takaichi said on 2 June. Takaichi had already declared that Japan can secure stable oil supply beyond March 2027 , but supply of naphtha-derived products had previously been secured only through to the end of this year. Her latest statement extends that outlook. The outlook reflects the ongoing recovery in Japan's naphtha procurement, which has currently risen to around 85pc of normal levels, supported by both domestic refining and alternative imports from regions outside the Middle East. Japan has also boosted imports of intermediates, which has helped limit drawdowns of intermediate stocks in April, Takaichi said. Manufacturers of midstream products such as polyethylene, as well as downstream products — including paints and thinners, polyvinyl chloride (PVC) pipes and insulation materials — have reported that their supply performance up until April has been at the same level as or higher than in the previous year, Takaichi said, adding that they also expect to continue supply going forward. But inventories in the supply chain for paints and thinners remain relatively low. In response, in addition to petrochemical firms' supply and trading firms' imports, refiners will directly supply feedstocks such as toluene and xylene to paint and thinner manufacturers, enabling supply of up to 1.8 times the usual level of demand, according to the government. This arrangement follows domestic distribution bottlenecks for paints and thinners. Because of disruptions to shipments from the Middle East stemming from the US-Iran war, Japan's naphtha imports fell to 710,000t in April , down by 46pc from a year earlier, based on preliminary finance ministry data. Imports in May and June are expected to exceed the April level, supported by efforts to increase alternative imports from the US and other regions outside the Middle East. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Americas Styrenics idles California plant: Correction

02/06/26
News
02/06/26

Americas Styrenics idles California plant: Correction

Corrects how the company plans to use the plant in paragraph 2. Story originally published on 28 May. Houston, 2 June (Argus) — US polymer producer Americas Styrenics (AmSty) idled its 150,000 metric tonne/yr polystyrene (PS) plant in Torrance, California, in May, according to a source close to the company. The company said it plans to use the plant as a terminal to distribute PS produced at other AmSty sites. 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.

News

US construction spending rises in April

02/06/26
News
02/06/26

US construction spending rises in April

Houston, 2 June (Argus) — US construction spending inched higher in April from the prior month, new US Census Bureau data show. Total US construction spending was at a seasonally-adjusted annual rate of $2.17 trillion in April, up 0.4pc from March and 0.9pc above year-prior levels. Private residential spending increased by 0.8pc to a seasonally-adjusted annual rate of $910bn in April from March and was up by 1.7pc from a year earlier. Single family residential spending rose by 1.4pc to a $416bn rate in April from the prior month and was down by 2.9pc from a year earlier. Multifamily construction fell by 0.3pc to a $116mn annual rate from the prior month. Private manufacturing spending fell by 1.2pc to $185bn in April from the prior month, continuing a 15-month slide and remaining 18pc below April 2025. The health of the construction sector, especially for residential building, is critical to polyvinyl chloride (PVC) producers who supply much of the pipes, windows, doors, and siding for new homes. Rising inflation and general economic uncertainty are driving would-be buyers away from new homes, especially as mortgage rates remain elevated and the US Federal Reserve may begin hiking its target interest rate by the end of the year, data from CME FedWatch show. Demand this year has remained lackluster, even as homebuilders look to the 21st Century ROAD to Housing Act to ignite demand. The legislation is currently working through Congress. Total construction spending rose in April. Growing year-to-year private residential spending outweighed shrinking nonresidential spending. Public construction spending rose, rising for a fourth consecutive month. Manufacturing spending continues its prolonged contraction. By Gordon Pollock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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