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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] LG Chem has declared force majeure on shipments of the plasticizer dioctyl terephthalate (DOTP) after raw material supply was disrupted by the escalating situation in the Middle East.
Plasticizers are widely used in industries such as construction and automotive manufacturing.
According to a letter obtained by market intelligence firm S&P Global Platts, LG Chem recently notified customers that it was declaring force majeure on part of its DOTP export shipments.
The move follows similar supply disruptions in Korea’s petrochemical sector. Earlier, Yeochun NCC, the country’s largest ethylene producer, also informed customers of delays in product supply.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
