LATEST NEWS: Inovyn issues force majeure on European PVC supply
by ChemOrbis Editorial Team - content@chemorbis.com
Inovyn has declared force majeure on PVC supplies from northern Europe, according to a letter to customers from the European producer.
“Due to an external power outage on our Rafnes site (in Norway) over the weekend resulting in the shutdown of our VCM operations on the site, the production of General Purpose PVC in our northern plants has been slowed down or stopped and will be severely disturbed in the near future,” the company said.
“This is a Force Majeure event the duration of which we estimate to be at least several weeks,” it added.
Inovyn also said that the delivery issues it was facing currently were unforeseeable and beyond its control.
Inovyn’s force majeure further tightens PVC supply. The market has already been tight due to force majeures by Westlake due to Hurricane Laura and by Formosa on its US supplies on issues after a turnaround in addition to maintenance shutdowns by Formosa and Taiyo in Taiwan and Japan respectively.
“Due to an external power outage on our Rafnes site (in Norway) over the weekend resulting in the shutdown of our VCM operations on the site, the production of General Purpose PVC in our northern plants has been slowed down or stopped and will be severely disturbed in the near future,” the company said.
“This is a Force Majeure event the duration of which we estimate to be at least several weeks,” it added.
Inovyn also said that the delivery issues it was facing currently were unforeseeable and beyond its control.
Inovyn’s force majeure further tightens PVC supply. The market has already been tight due to force majeures by Westlake due to Hurricane Laura and by Formosa on its US supplies on issues after a turnaround in addition to maintenance shutdowns by Formosa and Taiyo in Taiwan and Japan respectively.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
