Japan’s Mitsubishi Chemical mulls exiting India’s petchem business
The company’s decision was attributed to MCC PTA’s weak financial performance stemming from the supply demand imbalance in Asia caused by China’s excessive over production and high exports.
MCC PTA has multiple minority stakeholders including Mitsubishi Corporation & Nissho Iwai Corporation which hold 9%, Tomen Corporation & Marubeni Corporation which hold 5% and Sumikin Bussan Corporation which holds 2%.
MCC PTA’s plant at Haldia has a production capacity of 1.27 million tons/year, according to a statement on its website.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Bearish PP trend takes no respite on lackluster demand in Turkey
- India import PVC market recedes from all-time high on COVID-hit demand
- Stats: China’s total PP, PE imports in Q1 mark lowest volume in a year
- Vietnamese PE buyers hold off purchases on fears of further price pullback
- European PS on brink of a softer trend after 6 months
- Turkish PP and PE players voice bearish expectations for May
- China’s local homo-PP prices slide below imports
- Irregular PE origins emerge at competitive prices in Europe
- Mid-Eastern sellers backpedal in Africa on competitive PP, PE offers from Asia
- European PVC set to extend longest rising streak into May