China's etac exports plunge by 44% in June over previous month

11 August 2010 08:41  [Source: ICIS news]

SINGAPORE (ICIS)--China's exports of ethyl acetate (etac) in June have plunged by 44% month on month to 19,184 tonnes, according to the latest data released by China Customs on Wednesday.

Monthly etac exports prior to June averaged 26,479 tonnes, with the exception of January, China Customs said.

Etac exports for the first six months of the year was 144,312 tonnes, an increase of about 65% from the 87,309 tonnes shipped out during the same period last year, it said.

“Ethyl acetate exports were down in June due to the weak demand season and buyers were bearish amid reports about the dismal global economic growth outlook,” a major Jiangsu-based producer said in Mandarin.

“In the domestic market, buyers were cautious overall due to credit control measures,” he added.   

However, as the traditional lull demand season in the inks and solvents industries during the June to August period was drawing to a close, local market sources anticipate export volumes to show a recovery in September.

“The export volume is likely to show an increase in September as buyers start to replenish inventories after the June to August demand lull season,” the producer said.

Meanwhile, offers for spot etac cargoes were firm at around $820/tonne (€623/tonne) FOB (free on board) China for August and September loading, amid rising ethanol feedstock costs.

Major etac producers in Asia include Celanese, BP, Jiangsu Sopo, Shanghai Wujing, LCY Chemical Corporation and Korea Alcohol Industrial.

($1 = €0.76)

For more information on etac, visit ICIS chemical intelligence
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By: Helen Lee
+65 6780 4359

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