Innova declares FM on Triunfo complex SM, PS
Brazil-based styrenics producer Videolar-Innova (Innova) declared force majeure (FM) on operations at its Triunfo, Brazil, complex on 6 May following floods that impeded logistics in and around the state of Rio Grande do Sul.
The floods starting on 1 May led to a temporary preventative shutdown of the complex on 3 May, the company said in a letter to customers. Blocked roads and highways prevented feedstock from reachign the site.
The company continues to monitor the situation to determine when a safe restart can commence.
The letter did not detail allocation specifications to customers. The complex includes a 199,000 metric-tonne (t) ethylbenzene-based styrene monomer (SM) unit, according to Argus data.
Market sources said prompt styrene purchases from the region surfaced near the $1,350/t-level for small volumes this week, but counterparty confirmation was unavailable by market close. Spot styrene discussions last surfaced at $1,250-1,350/t on Monday.
Innova owns and operates two derivative polystyrene production units in Manaus, Brazil. The Triunfo petrochemical site also produces general-purpose polystyrene, high-impact polystyrene and expandable polystyrene, according to the company website.
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