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Sumitomo Chemical and ITOCHU reached a basic agreement to discuss distributing methionine from a new production line at Sumitomo's Ehime Works, which will add about 100,000 metric tons per year. The plan includes a possible joint venture to support sales, with part of the volume handled by ITOCHU.
ITOCHU has ties to CP Group, one of Asia's largest methionine buyers.
New methionine capacity of this size adds to global supply and could pressure methionine prices. Secured distribution through a large trading house and a major buyer would help the new supply reach feed markets.
sumitomo-chem.co.jpNov 30, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
