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In a letter to customers, Phillips 66 declared force majeure due to unforeseen equipment failure and required unplanned maintenance at its Bayway refinery in New Jersey.
The company added that the FM event restricted its ability to supply Polypropylene (PP) as of June 8, and that it has no timeframe on how long the FM will be.
The Bayway facility has a PP capacity of 775 million lbs/yr according to the Phillips 66 website.
The FM comes amid an oversupplied market due to thin demand that factored into a combined 19 cent/lb decline in April and May PP contracts.
By The Plastics Exchange.
