BASF has curtailed ammonia production at its production sites in Antwerp and Ludwigshafen because of high gas prices, the company said Sept. 27.
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The Dutch TTF month-ahead gas contract traded up more than 10% at a high of Eur77.49/MWh ($90.59/MWh) Sept. 27, having been assessed by S&P Global Platts on Sept. 24 at Eur70.225/MWh.
BASF said it would "continuously monitor the gas price development and adjust its ammonia production accordingly.
Due to the recent rise on natural gas prices in Europe, the economics for operating an ammonia plant in the region had become extremely challenging, it said.
BASF also runs a large gas-fired power plant at Ludwigshafen with over 1 GW capacity.
Asia-Pacific spot LNG prices for November maintained their upward trajectory Sept. 27, supported by higher trades, winter demand and strong European markets, Platts assessing the JKM for November at $28.898/MMBtu, up from $26.80/MMBtu Sept. 24.