Chinese petrochemical industry growth challenges South Korean rivals, causing plant downsizing.

China's growing petrochemicals industry is posing a challenge to Asian rivals, particularly South Korea. A surge in Chinese petchem-plant building over the past few years has led to a supply glut, forcing South Korean companies like LG Chem and Lotte Chemical to downsize their operations. LG Chem has shut a styrene monomer unit in Yeosu due to prolonged oversupply, while Lotte Chemical is considering strategic options for its Malaysian subsidiary.