A month-long lockdown has halted petrochemicals market activities in the Philippines and led to congestion at the port, sources told SSESSMENTS.COM. As reported by market players, around 97% of converters in the Philippines have stopped production activities; hence, no buyers are interested in taking cargoes. Additionally, for the factories that are still operating, the production rate is only around 20-25% from normal capacity due to slow sales amid Coronavirus lockdown.
Further added, there is a congestion issue at the port as containers have been piling up. As SSESSMENTS.COM noted, more and more containers are coming in but only 40% of what has been unloaded can move out of the port’s gates. Due to this, the Philippines government is planning to shut Manila Port, the Philippines’ biggest port within 3 to 5 days. Some players opined that this congestion at the port will not be even cleared by the third week of April. As such, this situation has hindered buyers from replenishing stocks.
Tags: Asia Pacific,English,Freemium,News,PE,PET,PP,PVC,Philippines,SEA,Styrene,Styrenics
Published on April 3, 2020 7:50 PM (GMT+8)Last Updated on October 1, 2020 5:11 PM (GMT+8)
