16 March 2009 03:44 [Source: ICIS news]
SINGAPORE (ICIS news)--India’s largest acetic acid manufacturer Gujarat Narmada Valley Fertilizers Company (GNFC) plans to shut its 100,000 tonne/year acetic acid plant at Bharuch in the Gujarat state for ten days in the second quarter, a company official said on Monday.
“We will shut the plant for ten days for some minor annual maintenance works in April or May,” he said, adding that the shutdown dates have not been finalised.
Emerging supply concerns ahead of the turnaround helped push up prices of domestic material to around rupee (Rs)27.7/kg ex-tank ($537.34/tonne), up Rs1.5/kg at the close of business last Friday. Imported cargoes were heard going for Rs25-26/kg ex-tank, up Rs0.5-1/kg during the same period.
Meanwhile, traders also booked a 2,000 tonne cargo from ?xml:namespace>
Separately, a bid at a high of $400/tonne CFR India from an end-user was also received but the lack of prompt cargoes saw no trades done, said a southeast Asia-based producer.
($1 = Rs 51.55 , $1 = €0.77)
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