South Korea’s Hanwha cut operating rates at SM, PE plant on negative margins

Hanwha Total Petrochemical (HTC) has reportedly lowered operating rates at its styrene monomer (SM) and PE plant in Daesan, South Korean amid the negative profit margins, according to market sources. 

The producer owns two lines with a capacity of 400,000 tons/year and 650,000 tons/year respectively and a 1.1 million tons/year PE plant, which all are operating at 70% capacity since the beginning of January 2022. 

It is unclear on the operating rates at the PP and PVC plant at the time of this report. 

The producer has yet to set the date to restore normal run rates at the SM and PE units.