China's imports of styrene monomer fell 12% year on year in February to 235,124 mt, customs data released late Tuesday showed, as Asian producers were building their inventories ahead of a series of turnarounds over March-May.
This was the lowest import level since January 2009 at 215,796 mt.
Another factor likely contributing to the lower imports, down 28.3% from January, is the high inventory level in China, hovering at 145,000-170,000 mt in February, compared to 80,000-126,000 mt in the same month the previous year, according to Platts data.
Imports from main suppliers like Japan and South Korea tumbled 50% and 41.2% month on month, respectively, to 39,371 mt and 56,438 mt. Imports from Taiwan, however, more than doubled to 47,022 mt.
Producers that have shut some of their plants for turnarounds in March include Indonesia's Styrindo Mono Indonesia (240,000 mt/year plant), South Korea's Honam Petrochemical (500,000 mt/year), Taiwan Styrene Monomer Corp. (140,000 mt/year) and South Korea's LG Chem (180,000 mt).
China February imports (main countries): Feb 2011 Feb 2010 % change Indonesia 0 0 NA Iran 20,572 0 NA Japan 39,371 41,659 -5.5 Kuwait 2,856 8,951 -68.1 Saudi Arabia 39,880 56,297 -29.2 Singapore 4,887 16,207 -69.8 South Korea 56,438 81,587 -30.8 Taiwan 47,022 28,486 +65.1 US 21,587 21,542 +0.2 Total 327,973 267,364 -12 (Units: mt, Source: China Customs)
