05 March 2009 06:23 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan’s Lee Chang Yung Chemical Industry Corp (LCY) has reduced the operating rate at its 50,000 tonne/year ethylene-based ethyl acetate plant in Linyuan to 50-60% this month, down 30-40 percentage points from February levels, due to ample supply, a company official said on Thursday.
"We will adjust the operating rate according to the market situation and there is ample supply currently as imports totalling 3,000 tonnes from China have just arrived," he said in Mandarin.
The company had restarted the Linyuan line in mid-January after idling it for more than a year due to poor margins before the correction in ethylene values.
The producer had imported 3,000 tonnes of ethyl acetate each quarter from China to meet domestic requirements when the plant was idled.
Due to ample supply, domestic ethyl acetate prices for March were rolled over at New Taiwan Dollar (NT$) 26/kg ex-tank ($741.60/tonne), the producer added.
($1 = NT$35.06)For more on ethyl acetate visit ICIS chemical intelligence
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