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On July 16, the international chemical powerhouse Covestro announced a malfunction in the power and control system of its Dormagen chemical park in Germany, stemming from a fire. This incident disrupted the production of caustic soda, chlorine, and hydrochloric acid (HCl), and further affected the operations of its TDI plant with an annual capacity of 300,000 tons. Consequently, the global TDI production capacity has taken a sharp hit, triggering a surge in prices. Industry analysts opine that Covestro's accident not only halted the TDI plant but also halted the supply of chlorine, leading to a complete cessation of downstream production activities within the park. The company has indicated that it is currently unable to provide an estimate for the recovery timeframe, marking the second time recently that the factory has declared force majeure.
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