During early November, the price of phenol continued to fall in both China and the United States as weak demand and lower raw material costs pressured the market. In China, weak demand for phenol persisted despite the usual peak season, and supply grew with increased production capacity. Prices tumbled by about 2.2% from the start of the month. Markets for upstream benzene and propylene also softened to provide little cost support. Downstream products such as bisphenol A suffered from heavy losses due to the reduction in operating rates by polycarbonate and epoxy resin plants. In the United States, lower prices for naphtha and steady supply added to the downtrend. Benzene slipped 0.4% this week after a 3% drop earlier, while propylene also fell further; markets remained under pressure, and prospects are not good for any recovery ahead.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
