The naphtha market remained in a state of dismay Monday, amid news of more cracker production cuts in October. Apart from Taiwan's state-owned CPC Corp. cutting cracker runs to 85% rates, and Japan's Mitsui Chemical cutting output to slightly under 90%, Taiwan's Formosa Petrochemical has also joined the fray, cutting runs on its No. 2 and 3 crackers to 90% in line with a downstream plant shutdown. The move will reduce its monthly naphtha consumption by 58,000 mt.
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